Which of the following is true about an S corporation?

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An S corporation is a special type of close corporation.An S corporation's profits are taxed only once-at the shareholder level,eliminating the double-taxation penalty of incorporation.All shareholders must consent to an S corporation election.The Internal Revenue Code requires an S corporation to have only one class of shares and 100 or fewer shareholders.Shareholders may be only individuals or trusts.

Which of the Following Is True About an S Corporation