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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.
This entity classification election is made by filing Internal Revenue Service Form 8832. Absent filing the form, a default classification applies. U.S. corporations of the type that can be publicly traded must be treated as corporations. There is a list of specific foreign entities that must be treated as corporations. [2]
The provision denies tax-free treatment to certain spin-offs where either the distributing corporation or the controlled corporation is a "disqualified investment corporation", defined as having investment assets that are two-thirds or more (75 percent or more under a first-year transition rule) or the value of the corporation's total assets.
A New York appeals court ruled Thursday that Fox Corporation must face Smartmatic’s mammoth defamation lawsuit over the airing of 2020 election lies on Fox News, dealing a blow to the Rupert ...
The voting technology company Smartmatic can move forward with its defamation lawsuit against Fox Corporation, a New York judge ruled Wednesday, dealing a blow to the parent company of Fox News ...
Asset Acceptance Capital Corp. Announces Merger Closing Date and Sets Merger Consideration Election Deadline WARREN, Mich.--(BUSINESS WIRE)-- Asset Acceptance Capital Corp. (NAS: AACC) (the ...
Quill Corp. v. North Dakota, 504 U.S. 298 (1992), was a Supreme Court case that determined that the Dormant Commerce Clause prohibited states from collecting sales taxes from purchases made by their residents from out-of-state vendors that did not have a physical presence within that state unless legislation from the United States Congress allowed them to do so.
A Fox Corp. shareholder filed suit against Rupert Murdoch, Lachlan Murdoch and several members of the Fox Corp. board of directors in Delaware on Tuesday.