QUESTION 26 Which of the following can be eligible shareholders in an S Corporation? O Corporations. Any Trust A Resident Alien. Partnership QUESTION 27 Which of the following is a disadvantage of an S Corporation? O An estate cannot be a shareholder in an S Corporation. O Losses flow through to the shareholders of an S Corporation. O Partnerships can be shareholders in an S Corporation. The number of shareholders in an S Corporation is limited to 100 shareholders. QUESTION 28 During the year of 2021. Wiley Corporation, an S Corporation, incurs the following transactions: Net Income From Operations - $110,000; interest Income From Savings Account - 58,000, Long-Term Capital Gain From Sale Of Securities - $11,000, Short Term Capital Loss From Sale Of Securities - 54,000. Wiley Corporation's Nonseparately Stated Income for the year of 2021 ist O $ 8,000 O $110,000 $ 19,000 O $ 15,000 QUESTION 29 On January 1, 2021. Brown and Falls own equally (fifty percent (50%) of the stock of Phillips Corporation, an S Corporation. Phillips Corporation has a 560,000 Operating Loss for the year of 2021. On the 219th day of the year of 2021, Brown sells her one-half(1/2) of the stock of Phillips Corporation to her daughter, Daniels. How much of the $60,000 Operating Loss is allocated to Falls? (Using the Per Day Method (Pro Rata Method)). (The year 2021 is not a Leap Yean. $30,000 $18,000 $ -0- $60,000