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Jason Is One of 100 Shareholders in Jace Corporation

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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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Online Program

A structured set of courses or learning experiences delivered via the internet.

Alternative

A different option or choice, typically presented among multiple possibilities, that can be considered in decision-making processes.

State Bar Associations

Organizations at the state level that license and regulate attorneys' practice within the jurisdiction, ensuring professional standards and ethics.

Private Law Firms

Legal practices owned and operated by private individuals or partners serving clients in various aspects of law.

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