SECTION 13. PARTNERSHIP AND S CORPORATION ISSUES—CONTINUED

Statute or Regulation Act Postponed 11. Treas. Reg. If a corporation § 1.1362–2(a)(2), (4) its taxable

11. Treas. Reg. If a corporation revokes its subchapter S election after the first 2½-months of § 1.1362–2(a)(2), (4) its taxable year, the revocation will not be effective until the following taxable

year. An S corporation may rescind a revocation of an S election at any time before the revocation becomes effective. 12. Sec. 1362(b)(3) If a corporation files a subchapter S election after the first 2½-months of a corporation’s taxable year, that corporation will not be treated as an S corporation until the taxable year after the year in which the S election is made. 13. Sec. 1378(b) and Treas. Reg. An S or electing S corporation may obtain the approval of the Commissioner to § 1.1378–1(c) adopt, change or retain an annual accounting period by filing Form 1128,

An S or electing S corporation may obtain the approval of the Commissioner to adopt, change or retain an annual accounting period by filing Form 1128, Application to Adopt, Change, or Retain a Tax Year, within such time as is provided in administrative procedures published by the Commissioner. See Rev. Procs. 2002–38 and 2002–39.