Tango Corporation, a calendar year taxpayer, has been an S corporation for several years. Tango's business activites have become very profitable in recent years. On June 16, 2018, its sole shareholder desires to revoke the S election. Requirements a. How does Tango revoke its S election? When does the revocation take effect? b. Assume Tango files a prospective revocation effective July 1, 2018. What tax returns are required of Tango for 2018? For 2019? When are these returns due? c. If the corporation makes a new S election after the revocation, when does it take effect? Requirement a. How does Tango revoke its S election? When does the revocation take effect? 0 A Tango Corporation must obtain w tten consent from the IRS before revoking its S election. The revocation will take place on the date it is approved by the IRS O B Tango Corporation must file a revocation statement which requires no shareholder consent. If Tango files the revocation in the first 2 1/2 months of 2019, the revocation takes effect at the beginning of 2018 C. Tango Corporation cannot revoke its S election The revocation will automatically take place on the date set in the corporate bylaws. O D Tango Corporation must e a revocation statement on or after June 16, 2018, which he sole shareholder consents ango es he revocation be ore he end of D t can designate a prospective revocation date in 2018 or a later year. If Tango files the revocation on or before March 15, 2019, the revocation takes effect at the beginning of 2019, otherwise, it must be made on a prospective basis