Q Corporation is a calendar year corporation owned by three individuals Adams, Baker and Chris....
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Q Corporation is a calendar year corporation owned by three individuals Adams, Baker and Chris. It has been in existence since 2009. On February 4, 2019, the three shareholders consent to an election on the part of the corporation to be taxed pursuant to Subchapter S. What is the effective date of the election and when does Ps status change from a C Corp to an S Corp?
a) Would your answer to part (1) be different if the election is made and consented to on April 4, 2019?
b) If Adams and Baker, but not Chris, consented to a revocation of the S election on June 28, 2020, what is the effective date of the revocation?
c) If Adams sold one share of stock to a non-resident alien individual on October 4, 2020, when would Q Corporation cease to be a Subchapter S corporation?
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