Caleb Samford calls you and says that his two-person S corporation was involuntarily terminated in February 2014.

Question:

Caleb Samford calls you and says that his two-person S corporation was involuntarily terminated in February 2014. He asks you if they can make a new S election now, in November 2015. Draft a memo for the file, outlining what you told Caleb?

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...