Well, i hope someone with the knowledge can help me out with these questions. Reading the code section is very confusing. I can read it for 30 mins and not getting much out of it.
1. do you have to elect Subchapter S tax treatment everyyear? I remember reading it somewhere in the IRS code but just don't have the code with me anymore.
2. is it ok for a corporation computing taxable income on cash-basis method to use the accrual method for computing earnings and profit?
1. do you have to elect Subchapter S tax treatment everyyear? I remember reading it somewhere in the IRS code but just don't have the code with me anymore.
2. is it ok for a corporation computing taxable income on cash-basis method to use the accrual method for computing earnings and profit?
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