If a corporation would like a Subchapter S election to be valid for the current year,a Form 2553 must be filed:

A) Before the 15^th day of the third month of the current fiscal year.
B) Before the 15^th day of the fourth month of the current fiscal year.
C) In the prior fiscal year.
D) Before the 15^th day of the third month of the current fiscal year or in the prior fiscal year.

Subchapter S Election

A tax election made by small businesses to be taxed as a pass-through entity, avoiding double taxation.

Current Year

The present calendar or fiscal year in which business operations, transactions, or tax considerations are being referenced or conducted.

Form 2553

A tax form used by small businesses to elect to be treated as an S corporation for the purposes of federal taxation.