If an S corporation inadvertently terminates its election, the IRS:

A group of answer choices

may permit the corporation to report as an S corporation even for the period that includes the termination date.

will not permit the corporation to restore its S election until the completion of a five-year waiting period.

will permit restoration of the S election if a majority of the shareholders consent to the reinstatement.

will permit restoration of the S election only if the event causing the termination was not within the control of the corporation.

Answer rating: 100% (QA)

If an S corporation inadvertently terminates its election the IRS may permit the corporation to repo... View the full answer