The consent of all shareholders who have held stock during the portion of the taxable year prior to revoking S corporation status is required for the S corporation status to be inapplicable for the taxable year, even if the election is filed timely.

Question

Quizplus · Accepted Answer

The consent of only those shareholders who hold stock on the day the revocation is made is required, not of all shareholders who have held stock during the portion of the taxable year prior to the revocation.

The Consent of All Shareholders Who Have Held Stock During