SoTired, Inc., a C corporation with a June 30 year-end, elects S corporation status this year.Assuming no special elections, SoTired, Inc., will continue to use a June 30 year-end as an S corporation.

Question

Quizplus · Accepted Answer

S corporations are generally required to adopt a calendar year-end unless they can establish a business purpose for a different fiscal year or meet one of the exceptions that allow for a fiscal year-end.