Review Code sections 1202 and 1244 of the Internal Revenue Code, then talk about the big definitional difference(s) between a “small business” on the gain side vs. on the loss side. Not the difference in tax benefits for gains vs. losses; rather, how a corporation qualifies in the first place as a “small business.”

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Companies that made all of the following requirements will be able to qualify as a small business c... View the full answer