A voluntary revocation of an S election requires only a consent of shareholders owning a majority of shares on the day that the revocation is made.

Name: A voluntary revocation of an S election requires only a consent of shareholders owning a majority of shares on the day that the revocation is made.
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Question

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According to the IRS, a voluntary revocation of an S election requires the consent of shareholders owning a majority of shares on the day the revocation is made. Therefore, the statement is true.

A Voluntary Revocation of an S Election Requires Only a Consent