Which of the following facts would prevent an S corporation election?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following facts would prevent an S corporation election?
I.
Magnificent Corporation has 125 shareholders.
II.
Simms Corporation, incorporated in Kansas, has only one class of common stock issued and outstanding.
Oa. Only statement II is correct.
Ob. Only statement I is correct.
Oc. Both statements are correct.
Od. Neither statement is correct.
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