Election: Family as Single Shareholders for "S" Corps.

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I haven't seen any articles on it yet, but the 2004 Jobs Act allows all members of a family to be treated as one shareholder in the calculation of the new 100 member limit for a S Corporation. This is Code Section 1361(b)(1)(a). It defines a members of a family as the common ancestor, lineal descendants of the common ancestor, and the spouses (or former spouses) of such lineal descendants or common ancestor.

IRS has release Form 2553 revised in March (Form 2553) and the instructions (Instructions) --SusanO 10:22, 31 May 2005 (CDT)SOlson

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