S Status Can Be Elected If Shareholders Holding the Majority

question 127

True/False

S status can be elected if shareholders holding the majority of the stock consent to the S corporation election on the date of the S corporation election.

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Definitions:

Dispute

A disagreement, conflict, or argument, especially one that may lead to formal proceedings or require resolution through negotiation or legal means.

Alternative Dispute Resolution

A term referring to various methods of resolving conflicts and disputes without traditional litigation, such as arbitration or mediation.

Mediation

A conflict resolution technique involving a neutral third party who helps disputing parties find a mutually acceptable solution.

Arbitration

The process whereby a neutral third party issues a binding decision to resolve a dispute.