1. Restrictions on electing S corporation status includes

Group of answer choices

Limit on the number of shares owned

Limited to the cash basis of accounting

Shareholders may not lend money to the S corporation

Limit on the number of shareholders

2. If a C corporation has a net loss for the year, that loss cannot be used by the shareholder, and that loss is lost.

Group of answer choices

True

False

3. There must be a realization event, such as a sale or exchange, before gain or loss is realized.

Group of answer choices

True

False