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For each of the following situations, indicate whether the corporation is eligible to elect S corporation status. Required: a. Carman Corporation has two shareholders, Carla
For each of the following situations, indicate whether the corporation is eligible to elect S corporation status. Required: a. Carman Corporation has two shareholders, Carla and Manuel. Carla is a United States citizen permanently residing in Mexico. Manuel is a Mexican citizen permanently residing in the United States. b. Same given info as in part a, except that Manuel resides in Mexico. c. Devin Corporation has 110 individual shareholders, of which 12 are members of the same family. d. Evans Corporation has two shareholders, Mark and Joan, who are both United States citizens and residents. Mark owns all of the 100 shares of Evans common stock outstanding, and Joan owns all of the 100 shares of Evans preferred stock outstanding. e. Grant Corporation has two shareholders: William, a United States citizen and resident, and ABC Partnership. ABC is a domestic partnership with six individual partners, all of whom are United States citizens and residents. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Carman Corporation has two shareholders, Carla and Manuel. Carla is a United States citizen permanently residing in Mexico. Manuel is a Mexican citizen permanently residing in the United States. Yes No
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