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Termination of the Election. Orlando Corporation, a calendar year taxpayer, has been an S corporation for several years. On July 10, 2009, Orlando authorizes a second class of nonvoting preferred stock that pays a 10% annual dividend. The corporation issues the stock to Sid on September 12, 2009, to raise additional equity capital. Sid owns no other Orlando stock. Does Orlandos S election terminate? If so, when is the termination effective? What tax returns must Orlando file for 2009? When are they due? How would your answer to Parts a and b change if instead the second class of stock were nonvoting Class B common stock?

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Category:- Accounting Basics
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