Which of the Following Will Disqualify a Corporation from Electing

question 69

Multiple Choice

Which of the following will disqualify a corporation from electing Subchapter S status?

• A)The election form is signed by 80% of the shareholders.
• B)The corporation has 80 shareholders.
• C)The corporation has one class of stock.
• D)All shareholders are U.S.citizens except for 10% who are resident aliens.

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Definitions:

National Debt

The total amount of money that a country's government has borrowed, by various means, and is obligated to repay.

Wartime Economy

An economic phase in which a country's economy is significantly influenced or dominated by the demands of war production, often leading to rapid changes in manufacturing and labor.

Wartime Revenue Acts

A series of laws enacted to increase federal revenue to fund military operations during times of war, often involving taxes on income, profits, or goods.

Income Tax

A tax levied by the government directly on individuals' or entities' income.