XYZ was formed as a calendar-year S corporation with Xavier, Yolinda, and Zach as equal shareholders. On September 15, 2020, XYZ's S election was terminated after Zach sold his XYZ shares (one-third of all shares)to his solely owned C corporation, Zach, Incorporated Absent permission from the IRS, what is the earliest date XYZ may again elect to be taxed as an S corporation?

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The Answer of XYZ was formed as a calendar-year S corporation with Xavier, Yolinda, and Zach as equal shareholders. On September 15, 2020, XYZ's S election was terminated after Zach sold his XYZ shares (one-third of all shares)to his solely owned C corporation, Zach, Incorporated Absent permission from the IRS, what is the earliest date XYZ may again elect to be taxed as an S corporation?

XYZ Was Formed as a Calendar-Year S Corporation with Xavier