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Inglewood California online Form Steps to Complete 2553 IRS: What You Should Know

What is an S-Corporation, and What is an S-Corporation Taxpayer? Sec. 1361(c) (2) — (5) — (11). (The definitions, if any, in this section apply to determining the class of each shareholder for purposes of determining whether tax under this chapter is imposed.) — A business may be treated as an S-corporation. Sec. 1362(a)(2) — (3) — — A corporation can be treated as an S-corporation. S-Corporation Ownership — Qualification for Tax Offset Amount Sec. 1364 — (b) — A taxpayer may designate one or more of its shareholders or any related person who has a material interest in the taxpayer to treat the taxpayer as an S-corporation throughout the taxable year. Sec. 1364(b)(2) — (3) — A taxpayer may claim limitations against the amount of certain payments to the shareholder or related person under section 1402(a) (3)(c) only if the taxpayer, before the filing of the return for the taxable year, designated one or more shareholders or related persons to be treated as S-corporations by an instrument in writing, a statement executed by the taxpayer or the taxpayer's agent. Sec. 1364(d) — A S-corporation may elect to treat a shareholder or related person — who had no equity interest in the taxpayer at any time during the last 60 days of the taxable year — as a beneficial owner for purposes of determining whether the shareholder or related person would be treated as having a material interest in the taxpayer for purposes of chapter 12 of the Internal Revenue Code. An S-Corporation does not elect to treat the shareholder or related person as having a material interest in the taxpayer, solely because the shareholder or related person otherwise has equity interest in the S-Corporation.

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