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C Corporation

   Also found in: Wikipedia 0.06 sec.
C Corporation
A corporation that elects to be taxed as a corporation. The C corporation pays federal and state income taxes on earnings. When the earnings are distributed to the shareholders as dividends, this income is subject to another round of taxation (shareholder's income). Essentially, the C corporations' earnings are taxed twice. In contrast, the S corporation's earnings are taxed only once.


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The facts are the same as in Example 2, except that Quiggley is a C corporation.
Determining eligibility to elect QSub status by Ellentuck, Albert B. / The Tax Adviser
The corporation had to file as a C corporation for that tax year, but both the entity and its shareholders treated the corporation as an S corporation for all succeeding years; also, the limitations period for all relevant tax years for both the corporation and all shareholders had not lapsed.
Fixing late S elections by Fiore, Nicholas / Journal of Accountancy
Ten years later in Hitchins, 103 TC 711 (1994), the court determined that the shareholder's basis in his S stock did not include debt owed to him by a C corporation that was assumed by the S corporation in partial payment of its own debt to the C corporation.
Structuring debt basis in an S corporation by Packard, Pamela / The Tax Adviser
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