A C corporation was formed five years ago and is a fiscal-year taxpayer with a June 30 year-end. The C corporation wants to make an S election for its tax year beginning in the current year. The election must be made by ________ (assuming permission can be obtained to continue using the fiscal year from the IRS).

Question

Quizplus · Accepted Answer

To elect S corporation status for the current tax year, the election must be made by the 15th day of the 3rd month of the tax year. For a fiscal year taxpayer with a year-end of June 30, this date would be September 15 of the current year.

A C Corporation Was Formed Five Years Ago and Is