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Tax consequences of revoking s election Form: What You Should Know
There is no way to retroactively change the termination date. The IRS does not extend the period in which you may be eligible for S status unless the revocation is rescinded, which would mean the IRS would not have had to approve your new corporation's name, etc. The Internal Revenue Service (IRS) revocable trust (RTO) process allows you to change the S corporation's name after tax is paid to the original taxpayer. The corporation's name can be changed with the permission of the IRS. You must still file an IRS form 4562, Change of Name or Registration Status for a Recon Corporation. After filing the form, you will wait at least 60 days after any new information is available to the IRS. Then, if approval to change the corporation's name has been granted, you can change the corporation's identity with tax authorities. If approval is not granted, the IRS can revoke your ability to change the name within a 30-day period. If an RTO was granted, the IRS may require you to file a separate Form 4562 for each new entity created under your new trust. Recon can be considered to be an S corporation for any new trust formed, if the corporation's legal name changes, and the new entity is treated as an S corporation for tax status purposes. Recon also can be considered to be an S corp for any trust formed, if the trust is a REIT and the trust's assets are used to pay the trust's net operating loss carry forward. Tax status changes may happen after the trust has been in existence for more than 3 months if the corporation has incurred the costs (for example, hiring accounting services and building out its management structure) while its status as a corporation is revoked. The trust must also be in existence for more than 3 months for Recon to be considered a REIT, unless there is at least 3 years of continuous qualifying activity, in which case Recon has the long-term carryover treatment for REIT income as a REIT. The trust must be in existence for more than 3 years for Recon to be treated as a REIT for tax purposes if all or part of the income is used for qualified REIT expenses. REIT income is taxable while the trust is in existence for 3 or more taxable years.
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