Which corporation is eligible to make the S election A Foreign corporation B A

Which corporation is eligible to make the s election

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62. Which corporation is eligible to make the S election? A. Foreign corporation.B. A one-shareholder corporation.C. An insurance company.D. A U.S. bank.E. None of the above can select S status. 63. Which equity arrangement cannot be used by an S corporation? 64. Which statement is incorrect about an S corporation? 65. Which statement is correct with respect to an S corporation? 66. Identify a disadvantage of being an S corporation. A. Generally, trusts cannot be shareholders.B. Losses flow through to the shareholders. C. The AMT on corporations is avoided. D. Tax-exempt income flows through to the shareholders. E. None of the above is a disadvantage of the S election.
67. Which, if any, of the following can be an eligible shareholder of an S corporation? 68. Which, if any, of the following can be an eligible shareholder of an S corporation? 69. Which statement is incorrect with respect to filing an S election? 70. Several individuals acquire assets on behalf of Skip Corporation on May 28, 2012, purchased assets on June 3, 2012, and began business on June 11, 2012. They subscribe to shares of stock, file articles of incorporation for Skip, and become shareholders on June 21, 2012. The S election must be filed no later than 2 1/2 months after: A. May 28, 2012.B. June 3, 2012.C. June 11, 2012.D. June 21, 2012.E. December 31, 2012. 71. The maximum number of shareholders in an S corporation is:

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