S corporations and partnerships are both flow-through entities. However, partnerships are more flexible (unlimited number of owners
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S corporations and partnerships are both flow-through entities. However, partnerships are more flexible (unlimited number of owners and types of owners) than S corporations. Yet, unless the partnership was formed as an LLC, there is no liability protection afforded to its owners. Discuss the particular tax implications of the S corporation's status. Are they different if the S corporation was formerly a C corporation? Is the S corporation the most prevalent form of business in the United States?
Related Book For
South Western Federal Taxation Individual Income Taxes 2017
ISBN: 9781305873988
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen
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