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Isaac and 1 2 1 of his close friends want to form an S corporation. Isaac reasons that if he and his friends form a

Isaac and

121

of his close friends want to form an S corporation. Isaac reasons that if he and his friends form a partnership, the partnership then can establish an S corporation and act as a single shareholder, thereby avoiding the

100 -

shareholder rule.

Will Isaac

s plan work? Why or why not?

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