Bobby T (95% owner) would like to elect S corporation status for DJ, Inc. Dallas (5% owner) does not want to elect S corporation status. Bobby T cannot elect S status for DJ, Inc. without Dallas' consent.
All shareholders on the date of the election must consent to the election.

Question

Quizplus · Accepted Answer

To elect S corporation status, all shareholders on the date of the election must consent to the election. Therefore, Bobby T cannot elect S status without Dallas' consent.

Bobby T (95% Owner) Would Like to Elect S Corporation