TaxMonkey
Level 8
08-14-2023
11:14 AM
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Yes, revoking an S election would make a business a C corp.
Filing a partnership election would not change your requirement to liquidate the corporation, with the associated tax consequences. The IRS would still be looking for a final corp tax return. The may be circumstances were liquidating a C corp is preferable to liquidating an S corp, but I can't think of any off the top of my head.