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Revocation of Election Under Internal Revenue Code Section 1362

Also known as: Revocation of Election, Termination of Election, IRS Code Section 1362

Revocation of Election Under Internal Revenue Code Section 1362

Termination by revocation - An election made under section 1362(a) is terminated if the corporation revokes the election for any taxable year of the corporation for which the election is effective.

A revocation may be made only with the consent of shareholders who, at the time the revocation is made, hold more than one-half of the number of issued and outstanding shares of stock (including non-voting stock) of the corporation.

Revocation of Election Under Internal Revenue Code Section 1362/partial sample

TO: District Director Internal Revenue Service __________

Notice is hereby given, pursuant to Section 1362 of the Internal Revenue Code, that _________, a ________ corporation with offices at _________, hereby revokes its S corporation election, filed with you on _______, 20___.

The first taxable year for which this revocation is intended to be effective is the taxable year commencing __________, 20___.

Dated ____________, 20__. ____________ BY:___________ as President of the corporation

SHAREHOLDERS' CONSENT TO REVOCATION OF ELECTION

We, the undersigned, being more than one-half of the shareholders of ____________

When is a Revocation of Election Under Internal Revenue Code Section 1362 effective?

When effective - In general. a revocation made during the taxable year and before the 16th day of the third month of the taxable year is effective on the first day of the taxable year and a revocation made after the 15th day of the third month of the taxable year is effective for the following taxable year. If a corporation makes an election to be an S corporation that is to be effective beginning with the next taxable year and revokes its election on or before the first day of the next taxable year, the corporation is deemed to have revoked its election on the first day of the next taxable year.

NOTICE:

The information in this document is designed to provide an outline that you can follow when formulating business or personal plans. Due to the variances of many local, city, county and state laws, we recommend that you seek professional legal counseling before entering into any contract or agreement.

Save yourself time, expense, and headache by thoroughly checking the agreement advance!

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