Election by a Small Business Corp - S what is the effective date?

Question

I registered a new corporation with the State of NY and obtained my EIN, I would like to make the S Corporation election. I am confused on what date to fill in for: E Election is to be effective for tax year beginning (month, day, year).

The instructions are convoluted and make it impossible to understand.

The filing on done on 6/13/08, what date should I use for the effective date?

Thanks a lot,

New business owner

Answer 1

If you incorporated on 6/13/08, then that's the first day of your first tax year. You have 2-1/2 months from that date to make the election.