Tax Year (2of2) Other tax years may be elected Ownership year-same year as shareholders owning 50%of stock Facts and circumstances year Grandfathered years-IRS approved the year after June 30, 1974 Sec. 444 year-deferral period of 3 months or less with advance payments 1010 Tax Year (2 of 2) Other tax years may be elected –Ownership year - same year as shareholders owning 50% of stock –Facts and circumstances year –Grandfathered years - IRS approved the year after June 30, 1974 –Sec. 444 year - deferral period of 3 months or less with advance payments