Form                                                                                                                 Mail this form to:
      5R                                                               Wisconsin                                      Wisconsin Department
                     Revocation of Election by an S Corporation                                                                     of Revenue
Wisconsin Department                                                                                                                PO Box 8908
      of Revenue      Not to Be 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  Revocation 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  revocation,  consent  to  have  the corporation  be  treated as  a  tax-option  corporation  for  Wisconsin franchise  or  in-
come  tax  purposes.  This  revocation  will  be  effective  for  the  taxable  year  indicated  above.  Each  shareholder,  in  signing  this 
revocation, 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

I, the undersigned authorized officer of the corporation for which this revocation is made, have personally examined this revocation, includ-
ing 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-042 (R. 6-24)

                                             Form 5R Instructions

General Instructions                                         Specific Instructions

Purpose of Form – A federal S corporation that has elected   Fill in the corporation’s name and address and enter the 
not to be a tax-option corporation for Wisconsin tax pur-    appropriate information in items A through E.
poses and that subsequently wishes to elect Wisconsin 
tax-option status uses Form 5R to revoke the “opt-out”       Enter in the space provided the name, address, and federal 
election.  As a result of revoking the “opt-out” election,   identifying number (social security number for individuals 
the income of the tax-option (S) corporation will be taxed   and federal employer identification number for estates,
to the shareholders of the corporation rather than to the    qualified trusts, and exempt organizations) of each share-
corporation itself, with certain exceptions.                 holder who is signing the revocation. Also enter for each 
                                                             shareholder the number of shares owned and the date the 
Who May Revoke – Once the election not to be a tax-          stock was acquired. If the shareholder acquired stock on 
option corporation for Wisconsin purposes has been           more than one date, enter the last date on which that share-
completed, it remains in effect for the corporation and any  holder acquired stock. Each shareholder must sign in the 
successors for at least the next 4 taxable years after the   space indicated. If the stock is held as community property 
taxable year to which the election first applies. After this or if the income from the stock is community property, the 
5-year period, the “opt-out” election may be revoked. The    consent must be signed by both husband and wife. Wis-
revocation requires the consent of persons who hold more     consin’s marital property is a form of community property.
than 50% of the shares of the S corporation on the day the 
revocation is made.                                          If you need additional space, attach a schedule containing
                                                             the required information.
Exception: The “opt-out” election is automatically revoked
for the taxable year in which a federal S corporation        An authorized officer of the corporation must sign this form 
acquires a qualified Subchapter S subsidiary (QSub) for      in the space provided.
federal purposes. Since neither the S corporation nor the 
QSub may elect out of Wisconsin tax-option (S) treatment, 
it is not necessary to file Form 5R.

When to Revoke – You must file Form 5R on or before 
the due date, or extended due date, of the first Wisconsin
corporation franchise or income tax return affected by the
revocation.

Corporations that are treated as tax-option (S) corpora-
tions for Wisconsin purposes must file Wisconsin Form 
5S, Wisconsin Tax-Option (S) Corporation Franchise or 
Income Tax Return.

           Applicable Laws and Rules
This document provides statements or interpretations of 
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.