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Gopher Hole Inc. wishes to make an S corporation election. Which of the following shareholders prevent Gopher Hole from being eligible to do so?

1. Winnie LaPew, a French Canadian and resident of Quebec, Canada
2. Partnership Rabbit Burrow, Inc. (a C corporation)
3. Kris Robbins
4. None of the shareholders mentioned above

User Duyen
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1 Answer

1 vote

Final answer:

Winnie LaPew, as a non-resident alien, and Partnership Rabbit Burrow, Inc., being a C corporation, prevent Gopher Hole Inc. from being eligible for S corporation status. Both options, not just one, disqualify the election. The correct option is b.

Step-by-step explanation:

Gopher Hole Inc. wishes to make an S corporation election, but not all shareholders may meet the eligibility criteria required by the Internal Revenue Service (IRS). Specifically, an S corporation can only have certain types of eligible shareholders. The three types of shareholders listed for Gopher Hole Inc. are Winnie LaPew, a French Canadian and resident of Quebec, Canada; Partnership Rabbit Burrow, Inc. (a C corporation); and Kris Robbins.

To qualify as an S corporation, all shareholders must be either U.S. citizens or permanent residents. Therefore, Winnie LaPew, being a non-resident alien, would prevent Gopher Hole Inc. from making an S corporation election. Moreover, S corporations cannot have C corporations, other S corporations, partnerships, or certain trusts as shareholders. Thus, Partnership Rabbit Burrow, Inc., being a C corporation, is also an ineligible shareholder. Kris Robbins, assumed to be an individual and a U.S. citizen or resident, would generally be an eligible shareholder.

In conclusion, both Winnie LaPew and Partnership Rabbit Burrow, Inc. prevent Gopher Hole Inc. from being eligible for S corporation status. The correct answer is none of the options listed above are eligible on their own; options 1 and 2 each prevent the election.

User Michael Hogenson
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