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If a corporation meets the foregoing requirements and wishes to be taxed under Subchapter S, its shareholders may file Form 2553: "Election by a Small Business Corporation" [14] [15] with the Internal Revenue Service (IRS). The Form 2553 must be signed by all of the corporation's shareholders.
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]
Form 2553, Election by a Small Business Corporation, is used by small businesses to elect to be taxed as a "Subchapter S – Corporation" (S corporation). Form 2555 , Foreign Earned Income, is filed by taxpayers who have earned income from sources outside the United States exempt from US income tax .
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A C corporation is distinguished from an S corporation, which generally is not taxed separately. Many companies, including most major corporations, are treated as C corporations for U.S. federal income tax purposes. C corporations and S corporations both enjoy limited liability, but only C corporations are subject to corporate income taxation. [1]