eBook Tax Drill - Qualifying for S Status Indicate whether the following statements are "True" or "False" regarding the requirements for S corporation status. S corporations are subject to sales and capitalization restrictions. b. S corporations may only issue one class of stock. S corporations are limited to a theoretical maximum of 100 shareholders. d. S corporations may be U.S. (domestic) or non-U.S. corporations. S corporations shareholders may only be individuals, estates, and certain trusts and exempt organizations. Nonresident alien shareholders are not allowed for S corporations. a. C. e. f