In terms of an S corporation, which of the following is a requirement that must be maintained so that the corporation does not lose its tax status?
A. The shareholders must all be corporate shareholders or partnerships.
B. Shareholders must consent in writing to having the corporation taxed as a partnership.
C. The losses and earnings are not to be reported on the shareholders' individual tax returns.
D. There can be no more than 80 shareholders in an S corporation.
Answer: B
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