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Tone Loc and 89 of his biggest fans formed an S corporation, 2hit, Inc., as the original ninety shareholders. Tone then transferred some of his stock to his grandfather, four of Tone's cousins, five of Tone's children, three of Tone's grandchildren, and 2 close friends. For the S corporation shareholder limit rules, how many shareholders does 2hit, Inc. have?A) 92.B) 95.C) 97.D) 90.E) None of the choices are correct.

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Answer:

A) 92

Explanation:

Calculation to determine how many shareholders does 2hit, Inc. have

Based on the information given the numbers of shareholders will be 92 which include Tone Loc + 89 Biggest fans + 2 close friends

Let calculate using this formula

Numbers of Shareholders=Tone Loc + Numbers of Biggest fans + Numbers of close friends

Let plug in the formula

Numbers of Shareholders=1+89+2

Numbers of Shareholders=92 Shareholders

Therefore The numbers of Shareholders that 2hit, Inc. have is 92

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