Western Corporation began operations in 1999.Its fiscal year end is October 31.This date coincides with its natural business year.On June 2,2015,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 election made on June 2, 2015, would be effective for the next fiscal year starting November 1, 2016, since the election was made after the 15th day of the third month of the current fiscal year.

Western Corporation Began Operations in 1999