Assume that all partnership interests expressed as percentages are those percentages of both profits/losses and capital. Assume that all liabilities are recourse. 6) A, B and C, all individuals, own...

Extracted text: Assume that all partnership interests expressed as percentages are those percentages of both profits/losses and capital. Assume that all liabilities are recourse. 6) A, B and C, all individuals, own 30%, 30% and 40%, respectively, of X Corp. A, B and Care all U.S. citizens. X is a Delaware corporation. X elects to file S Corp. status on February 1, 2020 and states that the election is effective January 1, 2020. (a) A, B and C consent to this election. Is this election valid? (b) Suppose instead that only A and B consent to the election. Would this change your answer? (C) Same as (a) except that C's shares are voting preferred. Would this change your answer?