An S corporation has 30,000 shares of voting common stock and 20,000 shares of nonvoting common stock issued and outstanding. The S election can be revoked voluntarily with the consent of the shareholders holding, on the day of the revocation,
A. The corporation has both common and preferred stock.
Bristol Corp. was formed as a C corporation on January 1, 1985 , and elected S corporation status on January 1, 1991. At the time of the election, Bristol had accumulated C corporation earnings and profits that have not been distributed. Bristol has had the same 25 shareholders throughout its existence. In 2017, Bristol's S election will terminate if it
Assuming all other requirements are met, a corporation may elect to be treated as an S corporation under the Internal Revenue Code if it has
Top Corp., which has been operating since 1999, has an October 31 year end, which coincides with its natural business year. On May 15, 2017, Top filed the required form to elect S corporation status. All of Top's shareholders consented to the election, and all other requirements were met. The earliest date that Top can be recognized as an S corporation is