1. In the following situations was the S corps status terminated or not terminated? If S corp status is terminated was the termination voluntary or involuntary?

a)Majority of S corp shareholders voted to revoke S corp status

b)C corp bought S corp shares from an US citizen S corp shareholder

c)S corp was formed by issuing common stock and then S corp later issued shares preferred stock

d)Number of S corp shareholders is 50

e)S corp kept accurate records of number S corp shareholders

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2.

Which of the following is true for S corps?

a)The number of S corp shareholders cannot exceed 100

b)S corps cannot have shareholders who are non-US residents

c)S corps can have more than 1 class of stock

d)All of the above are true