e. A corporation has Mr . and Mrs. A. descendants of Mr. ands. Y corporation's shareholders want to elect S status. D 0 2 Eligibility Requirements. Y corporation's shation prevent the election? Why? a. It has a wholly-owned subsidiary. b. It has 99 shareholders who own their shares solely in their own name and a married couple who owns the stock jointly. c. It has 10 shareholders, and one is the estate of a former shareholder. It is expected that the shares held by the estate will be distributed to three U.S. citizens and one Englishman who is a U.S. resident. d. It has 99 shareholders plus L , who owns no shares but serves as custodian for shares owned by her two minor children. e. What if L , in (d) above, is a nonresident alien, but the children are U.S. citizens? f. It has 15 owners of common stock and no owners of its authorized preferred stock. g. It has 10 owners of voting common stock and five owners of nonvoting common. Except for voting, all other rights of the two sets of common stock are identical. h. A corporation was formed many years ago by X , Y , and Z . Several generations later there are 210 shareholders, 150 of whom are descendants of X , Y , and Z ..