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720S A ×0700010256* 41A720S Department of Revenue KENTUCKY S CORPORATION INCOME TAX AND LET RETURN Taxable period beginning, 2007, and ending, 200. B D Federal Check applicable box(BS): LET Name
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Start by deciding on a unique and distinctive name for your S Corporation.
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Include the required corporate identifier, such as 'Inc.', 'Corp.', or 'Ltd.', at the end of the name.
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S Corporation is a type of corporation that meets specific Internal Revenue Code requirements, thus allowing the corporation to avoid double taxation.
Owners of the corporation, known as shareholders, are required to file the necessary forms to elect S Corporation status with the IRS.
To elect S Corporation status, shareholders must file Form 2553 with the IRS and meet all the eligibility requirements.
The purpose of electing S Corporation status is to avoid double taxation on corporate income by passing income, deductions, and credits directly to shareholders.
The information required for S Corporation status includes details of shareholders, ownership percentages, and other relevant information to meet IRS requirements.
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