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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
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Experience:  10 years experience
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Eligible subchapter S shareholders, what are the requirement

Customer Question

eligible subchapter S shareholders, what are the requirement for this type of information.
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi,

...

Are you asking about the requirememnts themselves, or what sort of documentation is needed ... essentially completing and attesting to tthe truthfulness on form 2553 does it (until you were audited for some reason.

...

here are the requirements themselves:

...

To qualify for S corporation status, the corporation must meet the following requirements:

  • Be a domestic corporation
  • Have only allowable shareholders
  • Have no more than 100 shareholders
  • Have only one class of stock
  • Not be an ineligible corporation (i.e. certain financial institutions, insurance companies, and domestic international sales corporations).