Asked on 1/22/2009 by Tyler Durden - Paper Street Soap CompanyAnswered by ABC Staff
S Corporation ("S Corp.") is an ordinary business corporation that has
elected to be taxed under Subchapter C of the Internal Revenue Code. It
is not taxed on its earnings as a corporation, but instead its earnings
are passed through to its shareholders for tax purposes.
general, S Corporations do not pay any income taxes. Instead, the
corporation's income or losses are divided among and passed through to
its shareholders. The shareholders must then report the income or loss
on their own individual income tax returns.
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