$3.AC-$Corp was denied its $S-$Corp election. Which one $of$ the following reasons could cause $anS-$Corp election $tobe$ denied?

$1.$ Company has $99$ shareholders

$2.$ Company has preferred and common share shares $of$ stock

$3.$ Company $is$ owned $by$ mainly permanent residents

$4.$ Company has a partnership shareholder

$5.$ Company has $an$ estate $as$ a shareholder

$6.$ A separate Corporation owns $10\%of$ the shares $of$ this company

$7.$ Company has a non$-$resident shareholder

$8.$ Company made $80\%$ passive income the last year