Termination of s Election (1of2) S election terminated when Corporation either voluntarily revokes the election (owners of more than 50% of the corporations stock must agree)or Corporation ceases to meet small business corporation requirements7 Termination of S Election (1 of 2) S election terminated when –Corporation either voluntarily revokes the election (owners of more than 50% of the corporation’s stock must agree) or –Corporation ceases to meet small business corporation requirements