If Annie and Andy (each a 30 percent shareholder in a calendar-year S corporation)file a revocation statement on March 20, 2019, to terminate their S corporation's S election, what is the effective date of the S corporation termination (assuming they do not specify one)?

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The revocation of an S corporation election is effective on the first day of the next tax year if the revocation is filed after the 15th day of the third month of the current tax year. Since the revocation was filed on March 20, 2019, it will be effective on January 1, 2020.

If Annie and Andy (Each a 30 Percent Shareholder in a Calendar-Year