Jason Is One of 100 Shareholders in Jace Corporation

question 130

Essay

Jason is one of 100 shareholders in Jace Corporation.The remaining 99 shareholders are unrelated individual U.S.residents.During the year, Jason gave several of his shares in Jace Corp.to his brother as a birthday present and to his best friend, Hal (unrelated to all shareholders in Jace Corp.), as a wedding present.After these gifts, Jace Corp.has 102 shareholders.Is Jace Corp.prohibited from electing to become an S corporation? Explain.

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Definitions:

77 Percent

This term could refer to a specific statistic or percentage in various contexts without a definition in isolation.

George C. Marshall

A prominent American statesman and soldier, who served as the Chief of Staff of the U.S. Army during World War II and later as Secretary of State and of Defense, playing a crucial role in the European recovery post-war through the Marshall Plan.

Free Markets

Economic systems in which the prices for goods and services are determined by the open market and consumers, in which the laws and forces of supply and demand are free from any intervention by a government, price-setting monopoly, or other authority.

Free People

Individuals who are not subject to the control or slavery by another; in historical contexts, it often refers to those not enslaved or serfs.