Shea, an individual, is a 100percent owner of Mets Corporation (an S corporation). Mets is a calendar-year taxpayer. On February 16, 2020, Mets filed an election to terminate its S election. Assuming Mets does not specify an effective date for the termination, what is the effective date of the termination?

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The Answer of Shea, an individual, is a 100percent owner of Mets Corporation (an S corporation). Mets is a calendar-year taxpayer. On February 16, 2020, Mets filed an election to terminate its S election. Assuming Mets does not specify an effective date for the termination, what is the effective date of the termination?

Shea, an Individual, Is a 100percent Owner of Mets Corporation