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Income Tax II Chapter 21 Questions Name - Income Tax II...

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Income Tax II Chapter 21 Questions Name____Christian Yimgnia ______________________ Answer/explain the following based on reading chapter 21 and viewing the powerpoints. Be thorough with your answers. 1. Explain the eligibility to be an S corporation. Explain each factor. The five main factors that small business corporations should qualify by include: Must be a domestic corporation, must have no more than 100 shareholders, must include only eligible shareholders, must have only one class of stock, and must not be an ineligible corporation. Domestic corporation mean the corporation should be created or organized in the United States or under the laws of the United States or any states. The corporation must not surpass 100 stockholders they must have shareholders that are recognized by law. The outstanding shares of the corporation must be identical as to the rights of the holders in the profits and in the assets of the corporation.
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