in a way that is similar to the way that partnerships are taxed. There can

only be one class of stock in an S Corporation and it has to be a domestic

Path: Federal Taxes - Primary Sources - Internal Revenue Code - Subtitle A

-- Income Taxes - CHAPTER 1--NORMAL TAXES AND SURTAXES - Subchapter S--Tax

Treatment of S Corporations and Their Shareholders - PART I-- IN GENERAL -

IRC, 2001-CODE-VOL, SEC. 1361. S CORPORATION DEFINED

2. An S Corporation is defined as, with respect to any taxablw year, a small

business corporation for which an election under section 1362(a) is in effect

for such a year. An S Corporation has to have fewer than 75 shareholders. The

shareholders of an S Corporation must be an individual and must not be a

nonresident alien. The S Corporation has to have only one clas

5. An S Corporation is started from a regular or a C Corporation. A C

IRS. An S Corporation is terminated upon dissolution. The S Corporation is

-- Income Taxes - CHAPTER 1--NORMAL TAXES AND SURTAXES - Subchapter S--Tax

8. A regular corporation is a sub C Corporation. It is called the sub C

7. Yes the qualifications have changed

can elect to set up an S Corporation. The sharholder file form 2553 with the

corporation is first organized and then, should the stockholders choose, they

Some common words found in the essay are:
CORPORATION DEFINED, COORDINATION SUBCHAPTER, Code Subtitle, ITEMS SHAREHOLDERS, REVOCATION TERMINATION, Taxes CHAPTER, I-- IRC, Questions Answer, IRS Corporation, Revenue Code, revenue code, internal revenue code, internal revenue, sources internal revenue, subtitle -- income, surtaxes subchapter, 2001-code-vol sec, path federal, taxes surtaxes, code subtitle --, treatment corporations, revenue code subtitle, corporations shareholders, subchapter s--tax, 1--normal taxes,
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