Sarah, Nicloe and Chance are each 1/3 owners of a company. The company initially was formed as an S Corp but was doing so well that Sarah and Nicole wanted to take the company public. Suppose Chance is a U.S. resident but a French citizen. His mother has recently been diagnosed with a terminal illness, and Chance has decided to move back to France to take care of his mother and her affairs. He anticipates that he will live in France for several years and that he will no longer be considered a U.S. resident. If you were Sarah and Nicole how would you react to Chance's decision to move? Would you ignore the impact that it may have on the S Corporation status? Would you pressure Chance to sell his stock to you?

Provide support, with proper citations, for your response.