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FOR BHF USELL1 2019STATE OF ILLINOIS DEPARTMENT OF HEALTHCARE AND FAMILY SERVICES FINANCIAL AND STATISTICAL REPORT (COST REPORT) FOR LONGER CARE FACILITIES (FISCAL YEAR 2019) I.DPH License ID Number:

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What is x quotsub-squot corp?

A 'sub-s' corporation, also known as a subchapter S corporation, is a type of corporation that elects to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.

Who is required to file x quotsub-squot corp?

Small businesses or corporations with no more than 100 shareholders can elect to file as a sub-s corporation.

How to fill out x quotsub-squot corp?

To elect sub-s status, the corporation must submit Form 2553, Election by a Small Business Corporation, to the IRS.

What is the purpose of x quotsub-squot corp?

The purpose of a sub-s corporation is to avoid double taxation, as the corporate income is only taxed at the shareholder level.

What information must be reported on x quotsub-squot corp?

Shareholder information, income, losses, deductions, and credits must be reported on a sub-s corporation's tax return.

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