XYZ Was Formed as a Calendar-Year S Corporation with Xavier

question 28

Essay

XYZ was formed as a calendar-year S corporation with Xavier, Yolinda, and Zach as equal shareholders.On September 15, 2019, XYZ's S election was terminated after Zach sold his XYZ shares (one-third of all shares)to his solely owned C corporation, Zach, Inc.Absent permission from the IRS, what is the earliest date XYZ may again elect to be taxed as an S corporation?

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Definitions:

Family Planning

The practice of controlling the number and timing of childbirths through the use of contraceptives or other reproductive technologies.

Indian Families

Social structures in India that are typically large, close-knit, and extended, with a strong emphasis on maintaining traditions and cultural practices.

Government Pensions

Retirement plans funded and managed by the government, providing financial security to former public service employees.

Cultural Norms

Shared expectations and rules that guide behavior within a society or group, often reflecting beliefs, values, and attitudes.