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Form Instructions 2553 online Oregon: What You Should Know
F corporation, a partnership or a trust. A corporation must use Form 2553, Election by a Small Business Corporation, to make an election under section 707. d. A tax year elected under section 444. Under section 1362(a) to become an S corporation. An entity or S corporation who has elected under section 1362(a) to be a corporation that is not considered to be a large or medium business corporation under the Internal Revenue Code and who elects under section 707 to become classified as such a corporation. An entity or S corporation. d. A tax year elected under section 707. A corporation, including an S corporation that has elected under section 707, who made the election under section 444 is not treated as meeting the requirements of section 707 for a tax year in which the year it was organized is a tax year. The effective date of the election under section 707 may be a different date from the effective date of the corporation's return under section 707, if one exists before the date on which the corporation is treated as beginning business for purposes of section 707. A tax year elected under section 707, that is treated as beginning business for purposes of section 707 for a tax year, may be treated as beginning business for purposes of section 707 and section 856 by the effective date of the election under section 707, or by that date, if that date is earlier. The Oregon Secretary of State does not require the filing of the form before the close of the 3rd business day in any calendar year following the year in which the election is made. Oregon does not require corporations to make an election by a specific date at the time they are organized. However, by the effective date of the election, or by that date, if that date is earlier, the corporation is required to be treated as having made the decision, before it begins business, to be classified under section 707 as a large or medium business corporation. Oregon does not require an S corporation filing on Form 2553 to file at the close of the 3rd business day of its first tax year. However, a filing due before the close of the 3rd business day of the last tax year of the corporation can be made using the filing method discussed in Notice 2013-51. (It is a good idea to consult an accountant prior to making the change.
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