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

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Miracle Vacuum, Inc. is a closely held corporation since it is owned by a small number of shareholders and has not made any public offering of its shares. The fact that it is subject to double taxation and is a for-profit corporation also supports this determination. It cannot be an S corporation since it is subject to double taxation. It is also not a nonprofit corporation or a professional corporation.