Under the check-the-box Regulations, an entity is allowed an annual election on how it will be treated (e.g., corporation, partnership) for Federal income tax purposes.

Question

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Under the check-the-box Regulations, an entity does not have the option to change its classification for federal income tax purposes annually. Once an entity elects to be treated as a corporation or a partnership, it generally must wait 60 months before making another election.

Under the Check-The-Box Regulations, an Entity Is Allowed an Annual