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:

Ethical Standards

The principles that govern the behavior of individuals and organizations, highlighting what is good, right, and fair.

Advocate

A person who publicly supports or recommends a particular cause or policy.

Potential Reactions

Possible responses or outcomes that could occur in response to an action or situation.

Empowerment Perspective

A social work approach focusing on helping individuals, communities, and groups gain power, access to resources, and control over their own lives.