Persons who were shareholders during any part of the year before the election date,but were not shareholders when the election was made,also must consent to the election for the S election to be effective for the current tax year.

Question

Quizplus · Accepted Answer

According to the IRS guidelines, all shareholders who were shareholders at any point during the year before the election date must consent to the S election for it to be effective for the current tax year, even if they were no longer shareholders at the time the election was made.

Persons Who Were Shareholders During Any Part of the Year