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21 August, 01:57

If Annie and Andy (each a 30 percent shareholder in a calendar-year S corporation) file a revocation statement on March 20, 2019, to terminate their S corporation's S election, what is the effective date of the S corporation termination (assuming they do not specify one) ?

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  1. 21 August, 05:14
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    January 1, 2020

    Explanation:

    An S corporation isalso called small business corporation. It is a type of company that shields its owners in the case of liabilities. The owners are not directly liable for obligations of the corporation.

    A calenders year of a company is defined as the fiscal year in which a company makes profit and declares a profit or loss within that time frame.

    If shareholders file a revocation statement on March 20, 2019, to terminate their S corporation's S election, they will have to wait till the end of the fiscal year before the S corporation is terminated.

    That is on January 1, 2020.
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Home » Business » If Annie and Andy (each a 30 percent shareholder in a calendar-year S corporation) file a revocation statement on March 20, 2019, to terminate their S corporation's S election, what is the effective date of the S corporation termination (assuming
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