For S corporation-Would you agree with the statement that termination of an S election occur, on the day after

Bob Pucella: a corporation ceases to be a small business? Explain

King Bringle: No.Termination of S-Corporation Status by the IRS can be for several reasons, such as:too many shareholders,shares owned by entities which are not natural entitiesshares owned by entities who are not US citizensS-Corporation status not approved by unanamious vote of shareholders.S-Corporation status will also cease when the company makes revenue than the IRS allows for an S-Corporation, in that case, this is true....Show more