S Corporation

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S Corporation

A corporation that elects not to be taxed as a corporation. That is, the corporation does not directly pay federal income tax on its earnings. Similar to a partnership, it passes its income or losses and other tax items on to its shareholders.

S Corporation

A business with few shareholders that is exempt from some taxes levied on other corporations. Specifically, an S corporation is not responsible for taxes on its profits (corporate taxes) and is taxed as if it were a partnership. However, it may have no more than 100 shareholders. An S corporate structure allows a company to take advantage of some of the benefits of incorporation without all of the responsibilities attached to it.
References in periodicals archive ?
TABLE 1 Descriptive Statistics for Firm Attributes, Logistic Regression Variables, and Deferred Tax Variables for Banks That Convert to S-Corporations Compared to Banks That Do Not Convert Panel A: Firm Attributes Banks that Convert in 1997-1999 n = 1,272 Variable Mean Med.
The act provides greater flexibility in forming and operating S-corporations and allows more businesses to operate in the S-corporation structure.
This means that certain "preferred stock freezes" could be used by S-Corporations, with the "interest" on the preferred stock/debt being deductible.
The company is structured as an S-Corporation, under which individual owners pay taxes at a rate that is currently 35 percent, but may be raised by Congress to 39.
Limited Liability Company (LLC), S-corporation, or C-corporation?
small businesses, including an extension of Section 179 expensing, which will allow small businesses to immediately expense up to $100,000 of new investments through 2007; a reduction of the depreciation period for restaurants and leasehold improvements from 39 years to 15 years; and S-Corporation reform and simplification.
95) is designed for corporations, S-Corporations and partnerships.
As issues such as tax-effecting S-Corporations, non-signing tax preparer penalties, and legal challenges from the IRS continue to complicate the estate and gift arena, it is crucial for appraisers practicing in this area to stay current with the legal arguments, regulations and technical theory that apply to estate and gift issues relating to the business valuation profession.
He focuses his practice in the area of taxation, offering particular knowledge in matters affecting partnerships, limited liability companies, S-corporations, real estate, and tax controversy.
Many of America's small businesses file their taxes as LLCs, partnerships, S-corporations or sole proprietorships.
In this position, Spano is responsible for preparing financial statements as well as year-end and annual accounting for various clients including S-corporations, C-corporations, partnerships and individual companies.
Most Oregon businesses - partnerships, S-corporations where income passes through to owners, and most limited liability corporations - would continue to pay the minimum, resulting in a net tax increase of $140.