Select from the option list provided whether each corporation is eligible to make the election to become an S corporation. Each choice may be used once, more than once, or not at all. Assume that all other requirements not mentioned in the scenarios are met. Treat each situation independently. Scenario Eligibility
1. Corporation X is a manufacturing company that has a total of 80 shareholders. One of the shareholders is a trust, which is owned by an individual who is a resident of the United States.
2. Corporation Y is a domestic insurance company with 20 shareholders. All of the shareholders are individuals.
3. Corporation A has one class of common stock and one class of preferred shares.
4. Corporation Z has 101 individual shareholders, which includes two married couples.
5. Corporation B has one class of common stock. Some of the shares have different voting rights than others. These rules are found in the bylaws.
6. Corporation C has one class of common stock. It also has nonconvertible outstanding debt issued.
7. Corporation D has 20 shareholders. Three of the shareholders are partnerships. 8. Corporation R has 98 shareholders. Half of these shareholders are foreign investors from Spain. The other half all reside in the United States.