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In United States tax law, a corporation is a personal service corporation if it meets all of the following requirements: [2] 1. Its principal activity during the “testing period” is performing personal services (defined later). Generally, the testing period for any tax year is the prior tax year. If the corporation has just been formed, the ...
The creator of the corporation is typically the sole shareholder, [1] and thus the corporation is used as a means to reduce their personal liability, protect their assets and exploit taxation advantages. Loan-Out corporations are especially prominent in the entertainment and professional sports industries, as the creator's services are ...
Personal service may refer to: Personal service sector of the economy, which delivers services rather than goods; Service of process, delivery of court documents to a person; Personal Services, 1987 comedy film set in a brothel; Taxation. Personal service corporation in United States tax law; IR35, United Kingdom tax law for individuals paid ...
Managed service company; Massachusetts business trust; Master limited partnership; Media conglomerate; Middle-market company; Mittelstand; Mochibun kaisha; Multi-divisional form; Municipal corporation; Municipally owned corporation
Personal service corporation, in United States tax law; Protein Sciences Corporation, an American biotech company; Public Service Commission (disambiguation), regulatory bodies, with competence varying by jurisdiction; Production sharing contract, a type of contract used in the resource extraction industry
This page was last edited on 6 December 2014, at 01:42 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may apply.
Case history; Prior: Bogardus v. Helvering, 88 F.2d 646 (2d Cir. 1937); cert. granted, 301 U.S. 674 (1937).: Holding; That a distribution of money by a corporation, by a resolution passed by the board of directors and stockholders, to the company's past and present employees who had no ties with the corporation, in recognition of their past service was a non-taxable gift which the company ...
This page was last edited on 11 October 2024, at 02:41 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may apply.