AIRE Was Initially Formed as an S Corporation Three Years

question 123

Essay

AIRE was initially formed as an S corporation three years ago. AIRE has four equal shareholders, Adam, Irene, Raymond, and Ethan. Raymond and Ethan would like to terminate the S election. However, Adam and Irene are opposed to the idea. Can Raymond and Ethan make a voluntary election to terminate the S election without the consent of Adam and/or Irene? Explain.

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Definitions:

Auscultating

The act of listening to the internal sounds of the body, typically using a stethoscope, as part of a medical examination.

Palpating

The act of examining a part of the body by touch, especially for medical purposes, to detect conditions or characteristics.

Scanning

The act of examining something closely, often using a machine or electronic device to detect a specific feature or to gather information.

Apex

The point, tip, or summit of anything; in reference to the heart, the point of maximum impulse of the heart against the chest wall.