A calendar-year corporation whose status as an S corporation
was terminated during 2012 must wait how many years
before making a new S election, in the absence of IRS consent to
an earlier election?

(c) The requirement is to determine the period that a
calendar-year corporation must wait before making a new S election
following the termination of its S status during 2012. Generally,
following the revocation or termination of an S election, a
corporation must wait five years before reelecting subchapter S
status unless the IRS consents to an earlier election.