Which of the Following Statements Regarding Voluntary Revocation of the S

question 72

Multiple Choice

Which of the following statements regarding voluntary revocation of the S election is incorrect?

• A)In order for the revocation to be effective retroactively to the first day of the tax year,the revocation must be filed by March 15 of the affected year.
• B)All of the shareholders must consent to the revocation.
• C)The corporation cannot reelect S corporation status for five years.
• D)The revocation can provide a specified effective date to occur mid-year,requiring two tax returns to be filed for the year.

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