C is corrent. The requirement is to identify the entity that may not own shares in an S corporation. C is corrent because corporations may not own shares in an S corporation.
A is incorrect because individuals, estates, and trusts may all own stock in an S corporation.
A is incorrect because individuals, estates, and trusts may all own stock in an S corporation.
D is incorrect because individuals, estates, and trusts may all own stock in an S corporation.
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