Held Corporations Also Apply to Publicly Held Corporations
The IRS apparently differentiates between public and private corporations because, with publicly held corporations
, "the operation of the normal system of commercial checks and balances arguably is adequate to ensure a proper result so that review by the IRS generally is unnecessary." (11) Such analysis begs the question of what constitutes a "proper result" under [section] 162(a)(1).
Blair and Stout do not challenge this traditional account of the rationale for the corporate form of organization; nor could they--no one can dispute that the average publicly held corporation
has a larger capitalization and operates at a larger scale than the average proprietorship, partnership, or closely held corporation.
Bailey, recent surveys indicate that the average board of a publicly held corporation
consists of 12 to 15 members.
Some of us have gone so far as to suggest that the traditional publicly held corporation
owned by its shareholders and governed by managers accountable to independent directors is becoming obsolete.
Under the plan, a recently-formed Minnesota corporation with the same name, Canterbury Park Holding Company has replaced the company as the publicly held corporation
owned by the company's shareholders.
Hobby Lobby and Conestoga are closely held corporations, a term with a precise meaning under tax law - a publicly held corporation
with many stockholders would probably never object to a government mandate on religious grounds, Alito wrote, and probably would not be entitled to one if it did.
Electronic Systems Technology has been a publicly held corporation
since 1984 and was the first to develop the wireless modem, receiving both the United States and Canadian patents for this technology.
Pope & Talbot, a publicly held corporation
, owned properties in the state of Washington.
Example 20: A publicly held corporation
Inland is a subsidiary of Temple-Inland, a publicly held corporation
that, with revenues of $3.46 billion, ranked 360th on the Fortune 500 list.