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

question 110

Essay

XYZ was formed as a calendar-year S corporation with Xavier, Yolinda, and Zach as equal shareholders. On September 15, 2014, 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?

---

Definitions:

Display Rules

Rules that are learned through socialization and that indicate what emotions are suitable in certain situations.

Emotional Conformity

The act of aligning one's emotional responses with those of a group, often to fit in or be accepted.

Negative Emotions

Feelings that are considered detrimental to one’s well-being, such as sadness, anger, and fear.

Levels of Guilt

Refers to the varying intensities or stages of guilt that individuals can experience, often contingent on their moral or ethical beliefs.