What limits are place on the selection of a tax year
What limits are place on the selection of a tax year of an S corporation? How do these limits differ from those applicable to C Corporations and partnerships?
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Several individuals form Lang Corporation on May, 1 2010. The corporation begins acquiring assets on June 1, 2010, and begins business on August 1, 2010. What is the latest date that Lang can file Form 2553 requesting S corporations status?
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