A corporation cannot elect S status if it ever had a partnership as a shareholder.

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Essentials Of Federal Income Taxation For Individuals And Business

ISBN: 9780808038009

15th Edition

Authors: Linda M. Johnson

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Question Posted: Oct 12, 2024 03:02 AM

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A corporation cannot elect S status if it ever had a partnership as a shareholder.
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S corporations share the attractive features of both partnerships (single level of taxation) and C corporations (limited liability).
Once a corporation has elected S status, it can have any number of shareholders during the year, as long as it has no more than 100 shareholders on the last day of its tax year.
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A corporation cannot elect S status if it ever had a partnership as a shareholder.

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Essentials Of Federal Income Taxation For Individuals And Business

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