[Code of Federal Regulations]
[Title 26, Volume 11]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.1362-1]

[Page 720-721]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.1362-1  Election to be an S corporation.

    (a) In general. Except as provided in Sec. 1.1362-5, a small 
business corporation as defined in section 1361 may elect to be an S 
corporation under section 1362(a). An election may be made only with the 
consent of all of the shareholders of the corporation at the time of the 
election. See Sec. 1.1362-6(a) for rules concerning the time and manner 
of making this election.
    (b) Years for which election is effective. An election under section 
1362(a) is effective for the entire taxable year of the corporation for 
which it is made

[[Page 721]]

and for all succeeding taxable years of the corporation, until the 
election is terminated.

[T.D. 8449, 57 FR 55449, Nov. 25, 1992]