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

question 100

Essay

XYZ was formed as a calendar-year S corporation with Xavier, Yolinda, and Zach as equal shareholders. On September 15, 2020, XYZ's S election was terminated after Zach sold his XYZ shares (one-third of all shares)to his solely owned C corporation, Zach, Incorporated 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:

Scientific Principles

Fundamental concepts that form the foundation of scientific inquiry, including observation, hypothesis formulation, experimentation, and theory development.

Laboratory Work

Tasks and analyses conducted in a controlled, scientific setting aimed at researching, diagnosing, or developing procedures and treatments.

Allopaths

Practitioners of allopathic medicine, a system that focuses on using pharmacologically active agents or physical interventions to treat or suppress symptoms or diseases.

Regular Doctors

Medical professionals who provide standard healthcare services and are often the first point of contact for patients seeking medical attention.