Tango Corporation, a calendar year taxpayer, has been an S corporation for several years. Tangos business activities
Question:
Tango Corporation, a calendar year taxpayer, has been an S corporation for several years. Tango’s business activities have become very profitable in recent years. On June 16, 2020, its sole shareholder desires to revoke the S election.
a. How does Tango revoke its S election? When does the revocation take effect?
b. Assume Tango files a prospective revocation effective July 1, 2020. What tax returns are required of Tango for 2020? For 2021? When are these returns due?
c. If the corporation makes a new S election after the revocation, when does it take effect?
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Step by Step Answer:
a Tango Corporation must file a revocation statement on or after June 16 2020 to which the sole sh...View the full answer
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Related Book For 
Federal Taxation 2021 Corporations, Partnerships, Estates & Trusts
ISBN: 9780135919460
34th Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse
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