Terminating an S Election
Response to the following problem:
For each of the scenarios, determine whether the calendar year corporation's S status has terminated, and if so, the date the corporation starts being taxed as a C corporation.
a. On February 1, 20x1, 75% of the shareholders consent to revoke the corporation's S election. No date specific termination date is provided.
b. Same as in Part a., except that the shareholders specify July 1, 20x1 as their desired termination date.
c. Same as in Part a., except that only 50% of the shareholders provide their consent.
d. Same as in Part a., except that the date the shareholders filed their consent is April 5, 20x1.