Voyles Corporation, a calendar year taxpayer formed five years ago, desires to make an S election beginning

Question:

Voyles Corporation, a calendar year taxpayer formed five years ago, desires to make an S election beginning in 2017. Sue and Andrea each own one-half of the Voyles stock.

a. How does Voyles make the S election?

b. When can Voyles file its election form?

c. If in Part b the corporation does not file the election in a timely manner, when will the election take effect?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...