Subchapter S (taxation)

(a) A, B and C, all individuals, own 30%, 30% and 40%, respectively, of X Corp. A, B and C are all U.S. citizens. X is a Delaware corporation. X elects to file S Corp. status on February 1, 2021. A, B and C consent to this election. Is this election valid?

(b) Suppose instead that only A and B consent to the election. Would this change your answer?

(c) Same as (a) except that C's shares are voting preferred. Would this change your answer?

(d) Assume the same facts as (a). In addition, assume that in 2022 X has income of 36,500. On February 1, 2022, A sells his shares to N, a nonresident alien. What consequences from these additional facts?