Which of the following statements does not apply to a qualifying S corporation?
A)It may have 55 shareholders
B)It may have a resident alien shareholder
C)It may only have one class of stock outstanding
D)It is subject to the corporate income tax

Question

Quizplus · Accepted Answer

S corporations are not subject to corporate income tax; instead, their income, losses, deductions, and credits flow through to shareholders.

Which of the Following Statements Does Not Apply to a Qualifying