Yes, you will revert back to a disregarded entity, assuming you remain a single member limited liability company. The five-year limitation period applies if you wish to re-elect S Corp status after you have previously terminated your S Corp election. The instructions to Form 8832 provide the following regarding the five-year limitation period.
Lines 2a and 2b. 60-month limitation rule.
Once an eligible entity makes an election to change its classification, the entity generally cannot change its classification by election again during the 60 months after the effective date of the election
Based on the above instructions, you get one chance to change your S Corp election. However, if you later decide to elect to file as an S Corp, the five-year limitation applies (60 month limitation). However, the five-year rule has an exception which does require, among other things, a private letter ruling from the IRS.
Based on the information you have provided, it appears you can respond No to question number 2, and then respond to the remaining questions. It also appears you will probably check the box for 6c when you are responding to the question about the type of entity.
@pfsciotti
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