Miracle Mobile Devices, Inc., is a private, for-profit corporation that (1) was formed for the purpose of manufactur-ing and distributing a newly pat-ented tablet, (2) is owned by five share-holders, (3) is subject to double taxation, and (4) has made no public offering of its shares.Miracle iss

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Miracle Mobile Devices, Inc. meets the criteria for a close corporation, which is a type of corporation owned by a small group of shareholders and operates informally without a board of directors. Double taxation occurs in both S corporations and C corporations, but Miracle did not meet the criteria to be an S corporation because it has more than 100 shareholders and the shareholders are not all individuals or estates. Miracle is also not a nonprofit or professional corporation as it is formed for profit and is not engaged in a professional service.