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The term "S corporation" means a "small business corporation" which has made an election under § 1362(a) to be taxed as an S corporation. [3] The S corporation rules are contained in Subchapter S of Chapter 1 of the Internal Revenue Code (sections 1361 through 1379).
This summary is based largely on the summary provided by the Congressional Research Service, a public domain source. [1]The Permanent S Corporation Built-in Gains Recognition Period Act of 2014 would amend the Internal Revenue Code of 1986 to reduce from 10 to 5 years the period during which the built-in gains of an S corporation are subject to tax and to make such reduction permanent.
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.
Interperiod adjustments; certain special rules 1361–1388: S Corporations and cooperative associations: flow-through rules 1391–1400T: Empowerment, enterprise, and other special zones 1401–1403: Self-employment tax (like social security, below) 1441–1465: Withholding of tax on nonresidents 1501–1564
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 combination of a state's corporation law, case law developed by the courts, and a corporation's own articles of incorporation and bylaws determine how power is shared. In general, the rules of a corporation's constitution can be written in whatever way its incorporators choose, or however it is subsequently amended, so long as they comply ...