The election is effective for Federal and most state income tax purposes. If an entity is not classified as a corporation, it is treated as a partnership for U.S. tax purposes if it has more than one owner, or is a disregarded entity if it has a single owner (i.e. is treated as part of the single owner).
Gelatin rhymes with skeleton. Like the stuff they use in Jello :)Another word that rhymes with skeleton is peloton.
Related to skeleton: skeleton key, skull, boilerplate, skeleton dance See: basis, capsule, configuration, contour, design, form, foundation, frame, outline, structure, summary, synopsis Want to thank TFD for its existence?