QUESTION 22 Neally Inc., an S corporation, pays single-coverage health insurance premiums of $4,800 per year and family coverage premiums of $7,200 per year. Jones is a 10% shareholder-employee in Neally. On Jones' behalf, Neally pays Jones' single coverage under the health insurance plan. What amount of insurance premiums is includable in Jones' gross income? a. $4,800 b. $720 O c. $0 d. $7,200 QUESTION 23 What is NOT necessary for a corporation to make a S corporation election? a. Corporation must make a formal election. b. Corporation must meet the number of shareholder requirements. Oc. Corporation must have at least two classes of stock. d. Corporation must meet the type of shareholder requirements.