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Juanita is the sole shareholder of Belize Corporation (a calendar-year S corporation). She is considering revoking the S election. It is February 1, year 1. What options does Juanita have for timing the
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Juanita is the sole shareholder of Belize Corporation (a calendar-year S corporation). She is considering revoking the S election. It is February 1, year 1. What options does Juanita have for timing the effective date of the S election revocation

User Nwk
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1 Answer

4 votes

Answer:

January 1 Year 2 would be an effective date.

Step-by-step explanation:

Juanita have two ( 2 ) options and they are

  • Terminating the election after March 15th
  • Terminating the Election at the beginning of the next Financial year

Since it is already February 1 Year 1 , The most effective date for the S election revocation would be January 1 year 2 ( calendar-year of S corporation ) .

User Bjarki B
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