# Enrolled Agent Exam [Part 2] 25, S Corporation — Eligibility and Election (Form 2553)

Page: https://stenobird.com/podcast/finance-exam-prep-7658413/enrolled-agent-exam-part-2-25-s-corporation-eligibility-and-election-form-2553
Text version: https://stenobird.com/podcast/finance-exam-prep-7658413/enrolled-agent-exam-part-2-25-s-corporation-eligibility-and-election-form-2553.md
Podcast: [Finance Exam Prep](https://stenobird.com/podcast/finance-exam-prep-7658413)
Published: 2026-05-22T22:41:20+00:00
Episode link: https://open-exam-prep.com/
Audio file: https://episodes.captivate.fm/episode/c8ca09bf-8853-4396-8666-d4a89602de4f.mp3
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Duration seconds: 189

## Resource

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - An S corp must be a domestic entity with no more than 100 shareholders, counting all members of a family as a single shareholder. - Only U.S. individuals, estates, and certain trusts are eligible shareholders; corporations, partnerships, and non-resident aliens are prohibited. - S corporations can only have one class of stock, which means identical rights to distributions and liquidations, though differences in voting rights are permitted. - The S corp election on Form 2553 must be filed by the 15th day of the third month of the tax year to be effective for that year, and requires unanimous shareholder consent. - Relief for a late election is available under Revenue Procedure 2013-30 if there was reasonable cause for the failure to file on time. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

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## Transcript

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