Doug, Kate, and Gabe own Refiner Group, Inc., an electing S corporation. The shareholder's ownership percentages and fiscal year ends follow: Ownership Year End Doug 60% January 31 Kate 20% May 31 Gabe 15% September 30 Which of the following statements is are) correct? I. Refiner Group, Inc. must use a calendar year. II. Refiner Group, Inc. may elect to use a fiscal year ending January 31.
A) Only statement I is correct.
B) Only statement II is correct.
C) Both statements are correct.
D) Neither statement is correct.
Correct Answer:
Verified
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