Bee Bee corp. inadvertently terminated its S corporation election. What is one o

Question

Bee Bee corp. inadvertently terminated its S corporation election. What is one of the order for the IRSto wave the termination?

A) Bee Bee corp and its shareholders must agree to make such adjustments as may be required by the IRS with respect to such period

B) Bee Bee corp must wait until an agreed upon period to correct theevent

C) Bee Bee corp must notify the IRS by attaching a statement to the corporation income tax return disclosing the termination

D) Bee Bee corp must reelect Scorporation status within 90 days

Explanation / Answer

S corporation is type of organization which has very less number of share outstanding. Bee Bee corp. inadvertently terminated its S corporation election. Bee Bee corp and its shareholders must agree to make such adjustments as may be required by the IRS with respect to such period is one of the order for the IRSto wave the termination

Option (A) is correct answer.

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