CCS - S Corporation

CCS was initially formed as an S corporation with a calendar year-end. After a couple of years, things were going so well that Nicole and Sarah (each one-third shareholders) wanted to terminate the S election and take CCS public. However, Chance (also a one-third shareholder) was opposed to the S election termination. Suppose Chance Armstrong is a French citizen but U.S. resident. Chance's mother has recently been diagnosed with a terminal illness, and Chance has decided to move back to France to take care of his mother and her affairs. Chance anticipates that he will live in France for several years and that he no longer would be considered a U.S. resident. If you were Sarah or Nicole, how would you react to Chance's decision to move? Would you ignore the impact Chance's move may have on CCS's S corporation status? Would you pressure Chance to sell his CCS stock to you? Use specific examples from the readings for this week and any additional sources you discover to help you construct your post.