True or False

The consent of all shareholders who have held stock during the pre-election portion of the taxable year is required in order for the election of S corporation status to be effective for that taxable year, even if the election is filed timely O True O False In 2001, T bought 100 shares of X Corporation stock with her own funds and had the shares registered in her name and that of her grandson Gas joint tenants with right of survivorship. T died in the current year. Only half of the value of the 100 shares of X stock is included in T's gross estate for Federal estate tax purposes. O True O False