A shareholder's share of ordinary income from the S corporation's trade or business activities is reportable as self-employment income on the shareholder's personal federal income tax return. a. true b. false QUESTION 3 If a corporation elects S Corp. status on February 1, 2022 for the tax year beginning on January 1,2022 , consent to the election must be obtained from all former shareholders who held the stock during January 2022. a. true b. false