Form                                                                                                                                 Mail this form to:
          5E                                                        Wisconsin                                                         Wisconsin Department
                     Election by an S Corporation Not to Be                                                                                         of Revenue
Wisconsin Department                                                                                                                                PO Box 8908
      of Revenue      Treated as a Tax-Option Corporation                                                                             Madison WI 53708-8908
 Corporation Name                                                                                                         A  Federal Employer ID Number

 Number and Street                                                                                      Suite Number      B  State of Incorporation and  Year

 City                 State                                ZIP Code (+ 4 digit suffix if known) C  Number of Shareholders D  Number of Shares Issued and
                                                                                                                           Outstanding
E  Election is to be effective for taxable year beginning: 
                                                           M M  D D Y  Y  Y    Y 
The undersigned, owning in total more than 50% of the issued and outstanding shares of the above S corporation on the date of this election, 
consent to have the corporation not be treated as a tax-option corporation for Wisconsin franchise or income tax purposes. This election will be 
effective for the taxable year indicated above and at least the next 4 taxable years for this corporation or any successor corporation. However, the 
election will automatically terminate for the taxable year in which the corporation acquires a qualified Subchapter S subsidiary (QSub) for federal 
purposes.  Each  shareholder,  in  signing  this  election,  declares  that  the  information  with  respect  to  his  or  her  name,  address,  federal  identifying 
number,  and  stock  ownership  has  been  examined  and,  to  the  best  of  the  shareholder’s  knowledge  and  belief,  is  true,  correct,  and  complete.
                                                                  Federal                        Stock Owned
          Name and Address of Shareholder                         Identifying    Number of              Date               Shareholder’s Signature
                                                                  Number                         Shares  Acquired

                   DRAFT 08-07-2024

I, the undersigned authorized officer of the corporation for which this election is made, have personally examined this election, including 
any accompanying schedules and statements, and declare that it is, to the best of my knowledge and belief, true, correct, and complete.
Signature                                                                Title                                             Date

IC-048 (R. 6-24)

                                            Form 5E Instructions

General Instructions                                           After the due date, or extended due date, for filing the 
                                                               corporation’s Wisconsin franchise or income tax return has 
Purpose of Form – A corporation that is an S corporation       passed, the “opt-out” election cannot be withdrawn, and it 
for federal income tax purposes uses Form 5E to elect not      remains effective for the corporation and any successors 
to be a tax-option corporation for Wisconsin tax purposes.     for at least the next 4 taxable years after the taxable year 
                                                               to which the election first applies. After the 5-year period, 
How to Elect – The election not to be a tax-option cor-        you may revoke the “opt-out” election by filing Wisconsin 
poration for Wisconsin requires the consent of persons         Form 5R, Revocation of Election by an S Corporation Not 
who hold more than 50% of the shares of the tax-option         to Be a Tax-Option Corporation.
(S) corporation on the day the election is made. Note: If 
an S corporation has a qualified Subchapter S subsidiary       Exception:  The “opt-out” election is automatically revoked 
(QSub) for federal purposes, neither the S corporation         for the taxable year in which a federal S corporation ac-
nor the QSub may elect out of Wisconsin tax-option (S)         quires a QSub. In this case, it is not necessary to file Form 
treatment.                                                     5R. You must use Wisconsin Form 5S to report the income 
                                                               of the corporation and its QSub.
When to Elect – You must make the election on or before 
the due date, or extended due date, of the first Wisconsin 
                                                               Specific Instructions
corporation franchise or income tax return affected by the 
election. The election is completed by the filing of a Wiscon- Fill in the corporation’s name and address and enter the 
sin franchise or income tax return in accordance with the      appropriate information in items A through E.
election. Use Wisconsin Form 4 or Form 6, as appropriate. 
Caution: Since the corporation will be filing federal Form     Enter in the space provided the name, address, and federal 
1120-S, special adjustments may be required to properly        identifying number (social security number for individuals 
determine Wisconsin net income.                                and federal employer identification number for estates, 
                                                               qualified trusts, and exempt organizations) of each share-
Revoking the Election – You may withdraw the “opt-             holder who is signing the election. Also enter for each 
out” election prior to the date of filing the corporation’s    shareholder the number of shares owned and the date 
Wisconsin franchise or income tax return by sending a          the stock was acquired. If the shareholder acquired stock 
letter, signed by shareholders holding more than 50% of        on more than one date, enter the last date on which that 
the corporation’s stock, to the Department of Revenue on       shareholder acquired stock. Each shareholder must sign 
or before the due date, including extensions, of the corpo-    in the space indicated.  If the stock is held as community 
ration’s return. If the corporation’s return was filed before  property or if the income from the stock is community 
the due date, or extended due date, you may withdraw           property, the consent must be signed by both husband 
the election by filing an amended Wisconsin franchise or       and wife.  Wisconsin’s marital property is a form of com-
income tax return, Form 5S, along with a letter requesting     munity property.
the withdrawal of the “opt-out” election on or before the 
due date or extended due date.                                 If you need additional space, attach a schedule containing 
                                                               the required information.
           Applicable Laws and Rules
                                                               An authorized officer of the corporation must sign this form 
This document provides statements or interpretations of        in the space provided.
the following provisions of Wisconsin Statutes in effect as 
of June 14, 2024: chs. 71 and 77, Wis. Stats. and chs. Tax 
1, 2 and 3 Wis. Adm. Code.

               DRAFT 08-07-2024