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PUNE VIDYARTHI GRAHAM COLLEGE OF SCIENCE AND TECHNOLOGY Affiliated to University of MumbaiQuestion Bank Class: S.Y.B.Sc.Semester: Subject: Android Developer FundamentalsUnit 1 1. Android is licensed

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What is class s?

Class S refers to a specific tax classification used by certain limited liability companies (LLCs) and corporations that allows them to be taxed as pass-through entities.

Who is required to file class s?

Entities that elect S corporation status for tax purposes must file Class S, including LLCs and corporations that meet the eligibility requirements.

How to fill out class s?

To fill out Class S, taxpayers typically need to complete IRS Form 2553 and provide required information regarding the business structure, shareholder consent, and other details.

What is the purpose of class s?

The purpose of Class S is to allow qualifying corporations and LLCs to avoid double taxation by passing corporate income, losses, deductions, and credits through to shareholders or members.

What information must be reported on class s?

Information that must be reported on Class S includes the name of the corporation or LLC, the number of shareholders or members, the tax year, and details on the elections made for S status.