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SECTION 1. PURPOSE

SECTION 1. PURPOSE

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Rev. Proc. 97-48 and Rev. Proc. 2003-43 provide simplified methods for taxpayers to request relief for a late S corporation election in certain circumstances. .02 ESBT and QSST Elections. (1) In General. Section 1361(b)(1)(B) limits the permitted shareholders of an S corporation to domestic individuals, estates, certain trusts, and certain exempt

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