Eligibility to elect S corporation status  
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In order to elect S corporation status, a corporation must satisfy the following requirements: How do the shareholders elect S corporation status?  
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The election of S corporation status is made by filing Form, "Election by a Small Business Corporation" and filed with the IRS Service Center where the corporation files its corporate federal income tax return. The election of the S corporation status must be unanimously approved by all of the shareholders, as evidenced by having all of the shareholders sign the Form.

When should the election be filed?  
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The Form must be filed on or before the 15th day of the 3rd month of the corporation's tax year in order for the election to be effective as of the beginning of that tax year. A corporation that is on a calendar tax year must file on or before March 15th in order for the election to be effective for that tax year.

Can the S corporation status be terminated?  
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S corporation status can be terminated either voluntarily or involuntarily.

After termination or revocation can a corporation , re-elect S corporation status?  
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A corporation may not re-elect S corporation status until the 5th year after the year in which the termination or revocation became effective.

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