If the shareholders of a calendar year C corporation elect S status on Friday, March 11, 2020, the election is effective for all of 2020.

Question

Quizplus · Accepted Answer

According to the IRS, if an S corporation election is made by a C corporation, the election is generally effective for the tax year the election is filed and all subsequent tax years. Therefore, if the election is made on Friday, March 11, 2020, it would be effective for all of 2020.

If the Shareholders of a Calendar Year C Corporation Elect