Subchapter S
- A section in the first chapter of the Internal Revenue Code where a small business corporation's tax liability is calculated in a way similar to a partnership
- The accountant recommended that the small business file under Subchapter S to receive favorable tax benefits similar to a partnership.
- To ensure a lower tax liability, the corporation decided to operate under the regulation of Subchapter S in the Internal Revenue Code.
- In comparison to a standard corporation, the financial advisor explained the benefits of opting for a Subchapter S status for tax purposes.
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