7. LO.2 Isaac and 121 of his close friends want to form an S corporation. Isaac reasons...

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7. LO.2 Isaac and 121 of his close friends want to form an S corporation. Isaac reasons that if he and his friends form a partnership, the partnership then can establish an S corporation and act as a single shareholder, thereby avoiding the 100 shareholder rule. Will Isaac’s plan work? Why or why not?

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