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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.
The taxation of cooperative corporations in the United States is subject to special rules under subchapter T of the Internal Revenue Code, different from both subchapter C and subchapter S corporations.
The beneficiary of such a trust makes a QSST election for each S corporation in which the trust holds stock. A trust is eligible to hold S corporation stock if it is a Subpart E trust ("grantor trust"), a testamentary trust, a voting trust, a qualified Subchapter S trust ("QSST"), or an electing small business trust ("ESBT"). [1]
An S corporation is a special form of corporation designed for smaller companies. They can only have a maximum of 100 shareholders. Like other corporations, S corps have detailed accounting and ...
This tax is imposed at the same rate as the tax on business income of a resident corporation. [72] The U.S. also imposes a branch profits tax on foreign corporations with a U.S. branch, to mimic the dividend withholding tax which would be payable if the business was conducted in a U.S. subsidiary corporation and profits were remitted to the ...
A foreign eligible entity that became an association taxable as a corporation under the foreign default rule described below. A foreign corporation that is not identified as a corporation under Treasury regulations §301.7701-2(b)(8). If a foreign corporation is not identified on the list included in these regulations, it qualifies as an ...
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. C corporations and S corporations both enjoy limited liability, but only C corporations are subject to corporate income taxation. [1]
A typical example is the Religious Freedom Restoration Act of 1993 (RFRA), which is codified in Chapter 21B of Title 42 at 42 U.S.C. § 2000bb through 42 U.S.C. § 2000bb-4. [31] In the case of RFRA, Congress was trying to squeeze a new act into Title 42 between Chapter 21A (ending at 42 U.S.C. § 2000aa-12 ) and Chapter 22 (beginning at 42 U.S ...