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Business & farm
Once the election is made, it stays in effect until it is terminated or revoked.
See https://www.irs.gov/instructions/i2553#idm139855003307936
Your status will become a C corporation for federal income tax purposes so be sure to file Form 8832 so you are treated as a single-member LLC (sole proprietorship filing on Schedule C).
March 7, 2023
1:07 PM
2,500 Views