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SEE PART 2: BUSINESSES
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A calendar-year S corporation whose election had been in effect since 2018 had its election revoked timely on March 1, 2024, by shareholders holding 600 of its 1,000 outstanding shares. Because the revocation was made on or before March 15, 2024, it was effective January 1, 2024. The corporation has not requested or received IRS consent to a new election.
What is the first taxable year for which the corporation may make a new S corporation election?
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