Series 66: S Corporation

Taken from our Series 66 - NASAA Uniform Combined State Law Exam

Definition of the term S Corporation...

a relatively new creation in Subchapter S of the Internal Revenue Code that allows smaller incorporated business to benefit from a special tax status. The S corporation became a legal entity in 1958 to help small businesses lower their costs of incorporation by passing the corporation's profits and losses to the shareholders' personal tax returns.

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