Business, 23.04.2020 20:19, randallcraig27

Fitness World is a corporation with 75 shareholders that are individuals who all hold common stock. At an annual meeting, the shareholders unanimously voted that Fitness World should register as an S corporation with the IRS so that the shareholders may enjoy the flow-through tax benefits. Is Fitness World eligible to register as an S corp.?

a. Yes, if Fitness World is already a close corporation under state law.
b. Yes, if all of the shareholders are U. S. citizens or residents.
c. No, because Fitness World has more than 50 shareholders.
d. No, if Fitness World is already a close corporation under state law.

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Fitness World is a corporation with 75 shareholders that are individuals who all hold common stock....