Certain close corporations are permitted to elect a special corporate tax status under Subchapter S of the Internal Revenue Code. These corporations are called which of the following?

Question

Quizplus · Accepted Answer

S corporations are the type of corporations that can elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes under Subchapter S of the Internal Revenue Code.

Certain Close Corporations Are Permitted to Elect a Special Corporate