Select from the option list provided the best match for each item. Each choice may be used once, more than once, or not at all. Assume that Subchapter S rules, if applicable, would require the corporation to adopt the calendar year for purposes of reporting federal income taxes. Situation Answer 1. Ownership of the 1,000 shares outstanding are evenly divided among 80 shareholders. The shareholders are 78 individuals, 10 of whom are married to each other, and two estates. a.Permitted b.Not permitted c.Retroactively effective d.Concurrently effective e.Subsequently effective 2. A domestic corporation elects S status on April 15. When is the earliest effective date? a.Permitted b.Not permitted c.Retroactively effective d.Concurrently effective e.Subsequently effective 3. Articles of incorporation authorize 800 shares of voting common stock, 200 shares of nonvoting preferred, and no other shares. a.Permitted b.Not permitted c.Retroactively effective d.Concurrently effective e.Subsequently effective 4. A domestic corporation elects S status on March 3. When is the earliest effective date? a.Permitted b.Not permitted c.Retroactively effective d.Concurrently effective e.Subsequently effective 5. Articles of incorporation authorize 1,000 shares of common stock and no other stock. One-fifth of the common stock has no voting rights. a.Permitted b.Not permitted c.Retroactively effective d.Concurrently effective e.Subsequently effective