Response to the following :
Once an S corporation's S status is revoked, the corporation normally must wait five years before it can re-elect S status. For an S corporation to be able to treat a distribution as coming first from E&P and then from AAA, all shareholders must agree to this change in ordering. ?
An S corporation does not recognize a gain or loss on the distribution of property where the fair market value (FMV) of the property differs from the corporation's adjusted basis in the property?