On January 1,2012,Copper Corporation (a calendar year S corporation for many years)became a C corporation.A possible reason for this change in status is:

Question

Quizplus · Accepted Answer

The only plausible reason for Copper Corporation to lose its S corporation status and become a C corporation is if a majority of its shareholders voted to revoke the S election. Choices A and B do not provide any basis for revoking the S election, while choices D and E suggest that all shareholders are required to vote for the revocation, which is not the case. Therefore, choice C is the best answer.

On January 1,2012,Copper Corporation (A Calendar Year S Corporation for Many