LittleCorp is an eligible small business corporation. On March 12, 1995, it files an S election to which those who are shareholders on March 12, 1995, unanimously consent.

CORRECT. Question 2. Which of the following information is not relevant to determining the taxable year for which the S election is first effective?

Whether LittleCorp has a fiscal or calendar taxable year.

Whether LittleCorp has income or loss for 1995.

Whether any person is a shareholder during the taxable year before March 12, 1995, but not on March 12, 1995.

Whether LittleCorp revoked an S election after January 1, 1991.

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