Electing S Corporation Status

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This course covers the rules regarding the formation and termination of S corporations. It examines the eligibility requirements, the mechanics of filing an S corporation election, and shareholder consents, including the procedures for filing late S corporation elections and late shareholder consents. It also discusses the various ways an S corporation election may be terminated — either voluntarily or involuntarily — and the mechanisms for obtaining relief for an inadvertent termination as well as getting permission for re-election as an S corporation within five years of a termination.

Educational Objectives
• Determine the timely filed date of an S corporation election; 
• Identify when and how a corporation can seek inadvertent invalid election relief; 
• Determine when and how long an election is effective; 
• Distinguish between state and federal law with regard to electing S corporation status; 
• Identify the forms of guidance for determining the process for obtaining relief for late S corporation election; 
• Distinguish between the ordinary and simplified processes for obtaining relief from late elections; 
• Identify who must consent to ensure a valid S election; and 
• Apply the procedures for reelecting S corporation status after termination.