@mgkap1 wrote:
What about re-electing S corp? Is there any information on that? Is there 5 years block out period?
Yes, there is such a period per Treas. Reg. § 1.1362-5(a):
In general. Absent the Commissioner's consent, an S corporation whose election has terminated (or a successor corporation) may not make a new election under section 1362(a) for five taxable years as described in section 1362(g). However, the Commissioner may permit the corporation to make a new election before the 5-year period expires. The corporation has the burden of establishing that under the relevant facts and circumstances, the Commissioner should consent to a new election.
