Once a corporation has elected a taxable year,it can change the taxable year without IRS permission if

Question

Quizplus · Accepted Answer

All of the given situations allow a corporation to change its taxable year without IRS permission. A corporation can change its taxable year if it results in a short period with a net operating loss that the corporation wants to carry forward, if it has not changed the taxable year in the past seven years, and if it is not an S Corporation. Therefore, D is the correct answer.

Once a Corporation Has Elected a Taxable Year,it Can Change