Dart corp., a calendar-year s corporation, had 60,000 shares of voting common stock and 40,000 shares of nonvoting common stock issued and outstanding. on february 23, 2014, dart filed a revocation statement with the consent of shareholders holding 30,000 shares of its voting common stock and 5,000 shares of its nonvoting common stock. dart’s s corporation electiona terminated as of january 1, 2015.b did not terminate. c terminated as of january 1, 2014.d terminated on february 24, 2014.

The answer is: B) Did not terminate.

Explanation:

S corporations (small business corporation) are corporations that choose to pass corporate income, losses, deductions, and credits through to their shareholders for taxation purposes.

In order for an S Corporation to terminate, stockholders owning more than 50% of the corporation's stock must file a revocation statement.

Dart Corp has 100,000 common stocks outstanding, so to file a revocation statement, stockholders owning at least 50,001 stocks must approve it. In this case only stockholders owning 35,000 stocks approved the revocation statement.