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J.D. formed Clampett, Inc., as a C corporation (calendar tax year) with J.D., Granny, and Jethro, Inc. (a C corporation) as shareholders. On January 15, 2019, Jethro, Inc., sold all its shares to Jane Hathaway. On February 28, 2019, Clampett, Inc., filed an S corporation election, with J.D., Granny, and Jane all consenting to the election. What is the earliest effective date of the S election

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Answer:

January 1, 2020

Explanation:

Since we were told that Clampett was formed by J.D in which he included Granny, and Jethro as the shareholders this means that if , Jethro sold its shares to Jane on January 15,2019 while on the other hand Clampett filed an S corporation election with J.D. Granny, and Jane on February 28, 2019 , the earliest effective date of the S election will therefore be the beginning of another year which will be January 1 ,2020.

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