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An S corporation (or S Corp), for United States federal income tax, is a closely held corporation (or, in some cases, a limited liability company (LLC) or a partnership) that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. [1] In general, S corporations do not pay any income taxes.
t. e. A C corporation, under United States federal income tax law, is any corporation that is taxed separately from its owners. A C corporation is distinguished from an S corporation, which generally is not taxed separately. Many companies, including most major corporations, are treated as C corporations for U.S. federal income tax purposes.
Overview. Cooperative corporations are formed to provide some mutual benefit for their members, and because of this, the Congress of the United States beginning in 1951 has allowed them a deduction from their income for "patronage dividends." [2] A "patronage dividend" is money paid by a cooperative to its patrons on the basis of business done ...
United States Code. The United States Code (formally the Code of Laws of the United States of America) [1] is the official codification of the general and permanent federal statutes of the United States. [2] It contains 53 titles (Titles 1–54, excepting Title 53, which is reserved for a proposed title on small business ).
United States portal. v. t. e. The rules governing partnership taxation, for purposes of the U.S. Federal income tax, are codified according to Subchapter K of Chapter 1 of the U.S. Internal Revenue Code (Title 26 of the United States Code ). Partnerships are "flow-through" entities. Flow-through taxation means that the entity does not pay ...
Model Business Corporation Act. The Model Business Corporation Act ( MBCA) is a Model Act promulgated and periodically amended by the Corporate Laws Committee of the Business Law Section of the American Bar Association ( Committee ). The MBCA had been adopted by 36 states and other jurisdictions. [1]
The Internal Revenue Code of 1986 ( IRC ), is the domestic portion of federal statutory tax law in the United States. It is codified in statute as Title 26 of the United States Code. [1] The IRC is organized topically into subtitles and sections, covering federal income tax in the United States, payroll taxes, estate taxes, gift taxes, and ...
Partnership taxation is codified as Subchapter K of Chapter 1 of the U.S. Internal Revenue Code (Title 26 of the United States Code ). Partnerships are "flow-through" entities for United States federal income taxation purposes. Flow-through taxation means that the entity does not pay taxes on its income.
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