1. Which of the following is true about an S corporation? A. It is taxed at both the corporate and shareholder levels. B. It may only have 500 or less shareholders C. An S corporation election requires the consent of a majority of its shareholders. D. Shareholders of an S corporation may be only individuals or trusts 2. Which of the following classes of corporation has members rather than shareholders? A. S corporation B. For-profit corporation C. Publicly held corporation D. Not-for-profit corporation 3. Toywood Inc, headquartered in Vermont, specializes in manufacturing non-toxic wooden toys in its two mechanized units in Vermont and New Hampshire. Its flagship store is located in Philadelphia, PA. It will be considered a(n)-- corporation in PA A. domestic B. alien C. domicile D. foreign