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H Corporation has been an S corporation for ten years. Joseph was the sole shareholder. He sold his entire interest to Jessica in 2019. The
- H Corporation has been an S corporation for ten years. Joseph was the sole shareholder. He sold his entire interest to Jessica in 2019. The sale was evidenced by a three-year promissory note. Jessica terminated the S election effective January 1, 2020. After year two, Jessica defaulted on the payments and Christa repossessed the stock. Does Christa have any way to immediately re-elect S status before the required statutory period expires? Yes, or NO ?? (it is all about question, no more information)
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