Western Corporation began operations in 1999.Its fiscal year end is October 31.This date coincides with its natural business year.On June 2,2016,Western elects S corporation status.All of the corporate shareholders consented to the election.The earliest date the corporation is recognized as an S corporation is

Question

Quizplus · Accepted Answer

The S corporation status becomes effective at the start of the corporation's fiscal year following the election, which is November 1, 2017, since the election was made after the start of the fiscal year on June 2, 2016.

Western Corporation Began Operations in 1999