Now under the agency s glare: Subchapter S corporations, a popular vehicle of choice for many entrepreneurs.
Starting in 1996, banks were allowed to report their incomes as subchapter S corps.
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By 2001, subchapter S corporations accounted for almost one-fourth of all before-tax corporate profits.
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Most small businesses are organized as limited liability companies, partnerships and subchapter S corporations.
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Up next, another case focusing on Subchapter S, this time coming out of the Eighth Circuit.
Owners of Subchapter S firms might also escape the tax if they are actively involved in the business.
The law bars IRAs from holding collectibles (like stamps, art or antiques), insurance or stock in Subchapter S corporations.
Subchapter K today is a diffuse system directed at tax shelters and at the unpredictable activities of sophisticated partnerships.
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People may differ about this, but I think Subchapter J is about the most complicated part of the Code.
Even more important, owners of limited liability corporations (LLCs) and subchapter S corporations will see their state income taxes eliminated entirely.
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By 1997, more than half of all U.S. corporations were subchapter S corporations reporting their income on individual income tax returns, primarily among the top 1%.
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An S corporation, for United States federal income tax purposes, is a corporation that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code.
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Further, note 2(d) to subchapter XIX of chapter 98 of the HTS is modified by deleting "Republic of Guinea-Bissau" and "Republic of Mali" from the list of lesser developed beneficiary sub-Saharan African countries.
The most important change is that the much lower individual income tax rates after tax reform, from a top rate of 70% when Reagan entered office to 28% after the reform, caused billions in business income to switch from corporate tax returns to individual tax returns as subchapter S corporations, partnerships, LLCs (limited liability partnerships), and proprietorships.
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