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#1
12-29-2004, 12:52 PM
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 Re: Any way to undo an "S" election ? - quote - > I filed the election for "S" corp. early this year -- for an
You can cause an ineligible entity (such as a partnership)> existing 2+ year C Corp. Now I have changed my mind and > want to keep it as a C corp. No tax return has been filed > since the "S" election [I am on a calendar year basis]. > Is there any way to undo the "S" election? to become a shareholder or do some other event that disqualifies the corporation as an S corporation. But between the effective date of the S election and the terminating event it is an S corporation and needs to file an 1120S return. -- Thomas E Healy, CPA, PC 1650 38th St., Ste 202W Boulder, CO 80301 Please send email to: tom[at]tomhealycpa.com, since I block all email at my newsgroup address. phone (303) 443-1804 fax (720) 489-3772 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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12-28-2004, 08:00 PM
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| Re: Any way to undo an "S" election ? You could have revoked the election retroactive to the first of the year by filing a notice of revocation within the first 2-1/2 months of the taxable year. Now, all you can do is revoke the election today, effective today. You can't revoke it retroactively. Since it is almost the end of the year, you are stuck with S treatment for 2004. IRC Sec. 1361(d)(1). You can revoke the election effective January 1, 2005 by filing a revocation within 2-1/2 months (i.e., by March 15, 2005). Be aware that if you revoke the election, you cannot re-elect S treatment for 5 years without IRS permission. IRC Sec. 1362(g). Katie in San Diego The foregoing is intended for educational purposes only and does not constitute legal or professional advice. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
12-20-2004, 11:29 PM
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| Any way to undo an "S" election ? I filed the election for "S" corp. early this year -- for an existing 2+ year C Corp. Now I have changed my mind and want to keep it as a C corp. No tax return has been filed since the "S" election [I am on a calendar year basis]. Is there any way to undo the "S" election? TIA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| election, undo |
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