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40.Which of the following facts would prevent an S corporation election? I. Magnificent Corporation has 125 shareholders. II. Simms Corporation, incorporated in Kansas, has only
40.Which of the following facts would prevent an S corporation election?
| I. | Magnificent Corporation has 125 shareholders. |
| II. | Simms Corporation, incorporated in Kansas, has only one class of common stock issued and outstanding. |
a.Only statement I is correct.
b.Only statement II is correct.
c.Both statements are correct.
d.Neither statement is correct.
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Auditing And Assurance Services An Integrated Approach
Authors: Alvin Arens
13th Edition
0136084737, 9780136084730
