If you elected to file as a corporation, you can't change from year to year whether it's an S or a C. You have to stay with whatever one you elected. If you elected C Corp; you have to file Form 1120....until and if such time you file the necessary paperwork to elect S Corp status. If and when you do that, you have to file Form 1120S until the election is made to terminate S status. And there can be tax consequences to that. But you cannot go back and forth year to year.
Also, if you liquidate the corporation, there are tax consequences in the liquidation of a corporation.
**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**
