Tango Corporation, a calendar year taxpayer, has been an S corporation for several years. Tango's business activities

Question:

Tango a calendar year taxpayer, has been an S for several years. Tango's business activities have become very profitable in recent years. On June 16, 2014, its sole shareholder desires to revoke the S election.
a. How does Tango revoke its S election? When does the revocation take effect?
b. Assume Tango files a prospective revocation effective July 1, 2014. What tax returns are required of Tango for 2014? For 2015? When are these returns due?
c. If the makes a new S election after the revocation, when does it take effect?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...