Which of the following statements regarding S corporations is true?

-Generally, the transfer of property by a controlling shareholder to a newly-formed S corporation in exchange for stock is a nontaxable event.

-The owners of a new business should be indifferent between operating as an S corporation and a partnership.

-All states treat the S corporation as a taxable corporation for corporate franchise tax purposes.

-If an S corporations election terminates, the corporation is forced to liquidate.