Which of the following statements regarding voluntary revocation of the S election is incorrect?
A) In order for the revocation to be effective retroactively to the first day of the tax year,the revocation must be filed by March 15 of the affected year.
B) All of the shareholders must consent to the revocation.
C) The corporation cannot reelect S corporation status for five years.
D) The revocation can provide a specified effective date to occur mid-year,requiring two tax returns to be filed for the year.
Correct Answer:
Verified
Q126: Stephanie owns a 25% interest in a
Q127: A business distributes land to one of
Q128: Empire Corporation has operated as a C
Q129: Bryan Corporation,an S corporation since its
Q130: A shareholder sells his S corporation stock
Q132: Eva is the sole shareholder of an
Q133: All of the following would reduce the
Q134: Tonya is the 100% shareholder of
Q135: Worthy Corporation elected to be taxed as
Q136: Tony is the 100% shareholder of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents