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STATE OF CALIFORNIA BOARD OF EQUALIZATIONIn the Matter of the Petition for Redetermination Under the Sales and Use Tax Law E. A. S CO., INC. Petitioner) ) ) ) ) ) )435.0145DECISION AND RECOMMENDATIONNo. SS XX XXXXXXThe above entitled matter came on regularly for hearing on Wednesday, March 3, 1976, in Hollywood, California. Joseph Manarolla, Hearing Officer. Appearing for Petitioner: Mr. A C, Certified Public Accountant Mr. R. L. T, Certified Public Accountant Mr. R. K, General Manager...
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What is s--- co?
S-corporation (S-corp) is a special type of corporation created through an IRS tax election. It allows income, losses, credits, and deductions to be passed through to shareholders for federal tax purposes.
Who is required to file s--- co?
To qualify as an S-corporation, a business must meet specific criteria, including having no more than 100 shareholders, being a domestic corporation, and having only eligible shareholders, which include individuals and certain trusts or estates.
How to fill out s--- co?
To file for S-corporation status, you need to submit Form 2553 to the IRS, along with the necessary signatures from all shareholders, within 75 days of the beginning of the tax year you want the S-corp status to be effective.
What is the purpose of s--- co?
The purpose of an S-corporation is to allow a corporation to avoid double taxation on corporate income by allowing income to be taxed at the shareholder level instead.
What information must be reported on s--- co?
An S-corporation must report its income, deductions, and credits on Form 1120S, and also provide each shareholder with a Schedule K-1, which reports their share of the company’s income, deductions, and credits.
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