Which of the following statements is/are false?
A. |
In order to maintain a valid IRC §444 election after it has been made, the taxpayer must make timely tax payments to the IRS that are assessed and collected like employment taxes. |
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B. |
A taxpayer's IRC§444 election is AUTOMATICALLY terminated if the electing entity liquidates. |
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C. |
A personal service corporation's IRC§444 election is terminated if it willfully fails to comply with the minimum distribution requirements to employee-owners before the end of the calendar year. |
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D. |
All of the above are true. |
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E. |
Both B & C are false. |
The statements E is incorrect, and the following statements are correct,
In order to maintain a valid IRC §444 election after it has been made, the taxpayer must make timely tax payments to the IRS that are assessed and collected like employment taxes.
A taxpayer's IRC§444 election is AUTOMATICALLY terminated if the electing entity liquidates
A personal service corporation's IRC§444 election is terminated if it willfully fails to comply with the minimum distribution requirements to employee-owners before the end of the calendar year
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