1. For each of the following circumstances (Parts 1-5 (4 points each)) do both of the following where applicable: indicate how many shareholders there would be for the 100 shareholder limit (explain) explain 1) who the shareholder(s) is or are, and 2) how many shareholder consents must be filed in order to make a valid S election. For any situation where the shareholder(s) do(es) not qualify or if an S election is not necessary, explain why in detail. Assume for each part the potential shareholder(s) in question has/have timely made any elections necessary to qualify as an S shareholder where such an election may be necessary. 1. Husband and wife who remain married the entire year are the sole owners of a valid S corporation. 2. Harry is the sole grantor of the Callahan Family Trust. The Trust is a grantor trust for tax purposes and Harry is alive the entire year. The Callahan Family Trust owns shares in Frisco, Inc. a valid S corporation and the Trust is one of Frisco's 20 shareholders. 3. Filch Company is a multi-member limited liability company (LLC) organized in the United States with 10 US citizen LLC members. Filch owns 25% of an S corporations stock the entire year. 4. Dobby, Inc. is a domestic corporation that has never made an S election. For the entire year Dobby owns 80% of an S corporations stock. 5. Albus, Inc. is a domestic corporation that has always held a valid S election. For the entire year Albus owns 100% of a newly formed S corporations stock