SoTired, Incorporated, a C corporation with a June 30 year-end, elects S corporation status this year. Assuming no special elections, SoTired, Incorporated, will continue to use a June 30 year-end as an S corporation.

Question

Quizplus · Accepted Answer

S corporations are generally required to adopt a December 31 year-end to align with the tax year of their individual shareholders, unless they meet specific exceptions that allow for a different fiscal year.

SoTired, Incorporated, a C Corporation with a June 30 Year-End