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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.
U.S. corporate income tax return form 1120. [80] Corporations subject to U.S. tax must file federal and state income tax returns. [81] Different tax returns are required at the federal and some state levels for different types of corporations or corporations engaged in specialized businesses.
If you have formed a limited liability company that is being taxed as an S corporation, also called an S Corp, you will at some point need to become acquainted with form 1120-S. The IRS Form 1120 ...
This entity classification election is made by filing Internal Revenue Service Form 8832. Absent filing the form, a default classification applies. U.S. corporations of the type that can be publicly traded must be treated as corporations. There is a list of specific foreign entities that must be treated as corporations. [2]
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ – see below for explanations of each) used for such returns.
Any foreign (i.e., non-U.S.) corporation meeting either the income test or the asset test is a PFIC with respect to each shareholder when the test is met. [4] PFIC status applies separately for each U.S. person owning shares, and also separately with respect to shares acquired at different times.
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