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:

Percussion

Method of physical examination whereby the location, size, and density of a body part is determined by the tone obtained from the striking of short, sharp taps of the fingers.

Palpation

The method of examining the body by touch, especially for medical purposes.

Auscultation

A clinical technique of listening to the internal sounds of the body, usually using a stethoscope, as part of a medical examination.

Genitourinary Examination

A medical evaluation of the genital and urinary systems to identify or rule out pathological conditions.