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An S Corporation, also known as an S Corp, is a corporate entity that elects to be taxed under Subchapter S of the IRS tax code. In general, profits and losses to an S Corp are passed through to its shareholders and are not subject to direct federal income taxes at the corporate level. The S in S Corporation stands for Small Business.
An corporation in the United States is eligible to be considered an S Corp if certain conditions are met:
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