mahir4099 mahir4099

13-03-2024
Business

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Cassidy is a shareholder of an S Corporation, which currently has 100 shareholders. Cassidy is getting married and plans on giving his new spouse some of his S Corporation stock. He asks you whether doing so will affect the S Corporation's tax status. What would you advise Cassidy?
a) It will not affect the S Corporation's tax status
b) It will convert the S Corporation to a C Corporation
c) It will disqualify the S Corporation's tax status
d) It will make the S Corporation subject to double taxation

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