PYT, an S corporation, is not subject to taxation at the corporate level. However, it will be required to make an annual payment under Section 7519 if:

a) It makes a Section 444 election to use a tax year other than a required tax year

b) It was previously a C corporation

c) It is a closely held corporation

d) It uses a fiscal year other than a calendar tax year and that fiscal year does not end on

January 31