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:

Activating Event

An incident in the environment or a situation that triggers a person's initial emotional or behavioral response.

Sexual Diversity

Refers to the wide range of sexual orientations and identities that exist beyond the traditional binary understanding of sexuality.

Sexual Orientation

An individual's pattern of emotional, romantic, or sexual attraction to others, categorized by the gender relationship between the person and the people they are attracted to.

DSM Diagnosis

The use of the Diagnostic and Statistical Manual of Mental Disorders as a standard guideline for diagnosing psychiatric illnesses.