Question: A calendar year corporation has an election under Subchapter S. What will be the effect, if any, of the following events on its S status?

A calendar year corporation has an election under Subchapter S. What will be the effect, if any, of the following events on its S status?
a. The board of directors of the corporation revokes its S election in March of the current year.
b. A shareholder who is a citizen of Mexico and works in San Antonio retires and moves back to Mexico.
c. The corporation acquires an interest in a partnership.
d. Because of the death of a shareholder, the total number of shareholders increases from 98 to 101.
e. A shareholder transfers her stock to a newly formed LLC.

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a The revocation needs to be made by a majority of the shareholdersnot the board of directors Even i... View full answer

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