Voluntary Revocation of an S Corporation Election Is Permitted Only

question 23

True/False

Voluntary revocation of an S corporation election is permitted only if consent is obtained from all shareholders.

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Definitions:

Corporate Form

A business structure where the company is considered a separate legal entity from its owners, providing benefits like limited liability, but often at the cost of more regulations.

Ownership

The legal right or title to an asset or property.

Shares

Units of ownership in a company, representing a portion of the corporation's capital, entitling the shareholder to a part of the profits.

Public Corporation

A company whose shares are publicly traded on a stock exchange, subject to regulatory scrutiny.