On March 4, 2017, all of the shareholders of Kingfisher Corporation (a calendar year entity) voluntarily revoke the S election (effective as soon as possible). For all of 2017, Kingfisher Corporation will be a C corporation.

Question

Quizplus · Accepted Answer

All of the shareholders of a corporation have the right to revoke the S election, and if they do so, the corporation will become a C corporation for the entire year. Therefore, the statement is true.

On March 4, 2017, All of the Shareholders of Kingfisher