Jeremy wraps up his two-part series on S corporation terminations by diving into what happens after an election ends, whether intentional or inadvertent. He explains the IRS's relief procedures for common mistakes like violating the one-class-of-stock rule, the crucial five-year waiting period before re-electing, and why a terminated S corp doesn't just revert back to an LLC but becomes a C corporation instead. The discussion includes real tax court cases and the specific steps needed to clean up termination issues before the IRS discovers them.

• (00:00 ) - Introduction and Recap of Part One
  


• (01:40 ) - Three Ways to Terminate an S Election
  


• (03:30 ) - Administrative Dissolutions at the State Level
  


• (08:00 ) - What Happens After S Election Termination
  


• (13:10 ) - Inadvertent Terminations Explained
  


• (17:00 ) - The One Class of Stock Rule
  


• (21:30 ) - Maggard v. Commissioner Tax Court Case
  


• (26:20 ) - Profit Interests and Phantom Equity Problems
  


• (29:40 ) - IRS Relief for Inadvertent Terminations
  


• (34:30 ) - Revenue Procedure 2022-19
  


• (39:20 ) - Missing S Election Acceptance Letters
  


• (42:00 ) - Filing the Wrong Return Type
  


• (44:10 ) - Six Areas of Relief Without a PLR
  


• (47:10 ) - Short Year Returns and Pro Rata Allocation
  


• (51:30 ) - The Five-Year Rule Explained
  


• (54:20 ) - Reverting from C Corp Back to LLC Status
  


• (56:50 ) - Final Thoughts and Episode Wrap-Up

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