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S corporations pay a franchise tax of 1.5% of net income in the state of California (minimum $800). This is one factor to be taken into consideration when choosing between a limited liability company and an S corporation in California. For highly profitable enterprises, the LLC franchise tax fees (minimum $800), which are based on gross ...
This summary is based largely on the summary provided by the Congressional Research Service, a public domain source. [1]The Permanent S Corporation Built-in Gains Recognition Period Act of 2014 would amend the Internal Revenue Code of 1986 to reduce from 10 to 5 years the period during which the built-in gains of an S corporation are subject to tax and to make such reduction permanent.
If a foreign corporation is not identified on the list included in these regulations, it qualifies as an eligible entity. The list of foreign entities classified as corporations for federal tax purposes (so called per se corporations, not eligible to make an entity classification election) includes, as of September 2009: [4]
In addition, corporations may change key aspects of their legal identity, capitalization, or structure in a tax free manner. Examples of reorganizations that may be tax free include mergers, liquidations of subsidiaries, share for share exchanges, exchanges of shares for assets, changes in form or place of organization, and recapitalizations. [60]
Interperiod adjustments; certain special rules 1361–1388: S Corporations and cooperative associations: flow-through rules 1391–1400T: Empowerment, enterprise, and other special zones 1401–1403: Self-employment tax (like social security, below) 1441–1465: Withholding of tax on nonresidents 1501–1564: Consolidated returns and affiliated ...
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To be considered a Partnership, LLC, Corporation, S Corporation, Non-profit, etc. a business must obtain an EIN. This applies to business with no income, which are not exempt from filing federal income tax returns. Before 2001, the first two digits of an EIN (the EIN Prefix) indicated the business was located in a particular geographic area.
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