(a) Oswald, Inc. was formed as a corporation (not a sham) in 1985 under Delaware law. It has been classified as a corporation for Federal tax purposes from 1985 through last year. The shareholders would like to change the entitys tax status to partnership for the current year. Can this be accomplished?

(b) Mary and Cory formed Marcor Partnership in 1990 (as a Florida general partnership) to operate their business. The entity was properly treated as a partnership for Federal income tax purposes for 1990 through last year (under the old 301 regulations, the entity was not an association taxable as a corporation because Mary and Cory did not have limited liability and because the entity did not provide continuity of life). Mary and Cory would like to retain partnership status for Federal tax purposes for the current year. Must they take any action to do so?