Under Certain Circumstances, an S Corporation Can Have More Than

question 108

True/False

Under certain circumstances, an S corporation can have more than 100 shareholders.

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Definitions:

Crimes

Acts or omissions that violate laws prohibiting the behavior, which can result in punishment.

Torts

Legal wrongs committed against a person or property, excluding breach of contract.

Scienter

Knowledge of wrongdoing or fraudulent intent in the commission of an act, especially a key element in certain legal proceedings.

Fraud

is the intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right.