49) Empire Corporation has operated as a C corporation for its first three years of existence because one of its shareholders disqualified it from electing S corporation status. That shareholder is now gone, and the remaining shareholders have elected S corporation status effective for the current year. Empire Corporation has one highly appreciated asset that it hopes to sell in the near future. How many years must elapse before the sale in order to avoid the built-in gains tax? A) 5 years B) 3 years C) 7 years D) 10 years 50) Which corporations are required to file a Schedule M-3? A) C corporations with assets of $1,000,000 or more B) C corporations with assets of $10,000,000 or more C) S corporations with assets of $10,000,000 or more D) publicly held C corporations with assets of $5,000,000 or more