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.
Chiefly British: crackers. Law: non compos mentis. Idioms: around the bend, crazy as a loon, mad as a hatter, not all there, nutty as a fruitcake, off one's head, off one's rocker, of unsound mind, out of one's mind, sick in the head, stark raving mad. 2. Informal.