S Corporations: Election, Income, Basis, Termination
Free IRS Enrolled Agent SEE Part 2 (Businesses) lesson in Business Entities and Considerations. 21 min read, ~3,088 words.
Eligibility (must hold every day): domestic corporation, ≤100 eligible shareholders (family counts as one under §1361(c)), one class of stock (voting differences allowed); a single ineligible shareholder terminates the election on the transfer date. Election on Form 2553 by the 15th day of the 3rd month, signed by all current...
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What this lesson covers
- Content
- Example 1
- Example 2
- Common Mistakes
- Check Your Understanding
- Exam Shortcuts
Learning objectives
- 4
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