Smith Corporation, an S corporation, has 800 shares of stock outstanding. Carl and Lena own an equal number of these shares, and both actively participate in Smith's business. Carl and Lena each contributed $62,000 when they organized Smith on September 9 of Year 1. Start-up losses during Year 1 resulted in Smith reporting a S232,000 ordinary loss. Smith's activities have since become profitable, and the corporation voluntarily revokes the selection on March 1 of Year 2. with no prospective revocation date being specified. In Year 2. Smith reports $432,000 of taxable income ($36,000 per month). Smith makes no distributions to its shareholders in either year. Read the requirements Smith Corporation, an S corporation, has 800 shares of stock outstanding. Carl and Lena own an equal number of these shares, and both actively participate in Smith's business. Carl and Lena each contributed $62,000 when they organized Smith on September 9 of Year 1. Start-up losses during Year 1 resulted in Smith reporting a S232,000 ordinary loss. Smith's activities have since become profitable, and the corporation voluntarily revokes the selection on March 1 of Year 2. with no prospective revocation date being specified. In Year 2. Smith reports $432,000 of taxable income ($36,000 per month). Smith makes no distributions to its shareholders in either year. Read the requirements