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J&M, inc ., a U.S. Corporation,Seeks to avoid double text Taxtaion.Their accountants suggested that they file their taxes as a S-corp. J&m has 127 shareholders

J&M, inc ., a U.S. Corporation,Seeks to avoid double text Taxtaion.Their accountants suggested that they file their taxes as a S-corp. J&m has 127 shareholders and three classes of stock. A majority of their shareholders are foreign investors and corporations. Are they able to file their taxes as an S-corporation? Why or why not?

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