Question: Select from the option list provided whether each corporation is eligible to make the election to become an S corporation . Each choice may be

Select from the option list provided whether each corporation is eligible to make the election to become an Scorporation. 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.
ScenarioEligibility1.CorporationXisamanufacturingcompanythathasatotal of 80shareholders. One of the shareholders is a trust, which is owned by an individual who is a resident of the United States.
Not eligible2. Corporation Y is a domestic insurance company with 20shareholders. All of the shareholders are individuals

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