Form 5r - Wisconsin Revocation Of Election By An S Corporation Not To Be A Tax-Option Corporation Page 2

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Form 5R Instructions
General Instructions
Corporations that are treated as tax-option (S) corpora-
tions for Wisconsin purposes must file Wisconsin Form
5S, Wisconsin Tax-Option (S) Corporation Franchise or
Purpose of Form – A federal S corporation that has elected
Income Tax Return.
not to be a tax-option corporation for Wisconsin tax pur-
poses and that subsequently wishes to elect Wisconsin
tax-option status uses Form 5R to revoke the “opt-out”
Specific Instructions
election. As a result of revoking the “opt-out” election,
the income of the tax-option (S) corporation will be taxed
Fill in the corporation’s name and address and enter the
to the shareholders of the corporation rather than to the
appropriate information in items A through E.
corporation itself, with certain exceptions.
Enter in the space provided the name, address, and federal
Who May Revoke – Once the election not to be a tax-
identifying number (social security number for individuals
option corporation for Wisconsin purposes has been
and federal employer identification number for estates,
completed, it remains in effect for the corporation and any
qualified trusts, and exempt organizations) of each share-
successors for at least the next 4 taxable years after the
holder who is signing the revocation. Also enter for each
taxable year to which the election first applies. After this
shareholder the number of shares owned and the date the
5-year period, the “opt-out” election may be revoked. The
stock was acquired. If the shareholder acquired stock on
revocation requires the consent of persons who hold more
more than one date, enter the last date on which that share-
than 50% of the shares of the S corporation on the day the
holder acquired stock. Each shareholder must sign in the
revocation is made.
space indicated. If the stock is held as community property
or if the income from the stock is community property, the
Exception: The “opt-out” election is automatically revoked
consent must be signed by both husband and wife. Wis-
for the taxable year in which a federal S corporation
consin’s marital property is a form of community property.
acquires a qualified Subchapter S subsidiary (QSub) for
federal purposes. Since neither the S corporation nor the
If you need additional space, attach a schedule containing
QSub may elect out of Wisconsin tax-option (S) treatment,
the required information.
it is not necessary to file Form 5R.
An authorized officer of the corporation must sign this form
When to Revoke – You must file Form 5R on or before
in the space provided.
the due date, or extended due date, of the first Wisconsin
corporation franchise or income tax return affected by the
revocation.

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