S corporations in the United States
GPTKB entity
Statements (50)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
gptkb:public_company
corporation type |
| gptkbp:can_convert_from |
C corporation
|
| gptkbp:can_convert_to |
C corporation
|
| gptkbp:canBe |
only one class of stock
|
| gptkbp:cannot_be_owned_by |
gptkb:LLCs
other S corporations |
| gptkbp:country |
gptkb:United_States
|
| gptkbp:createdBy |
gptkb:Subchapter_S_of_Chapter_1_of_the_Internal_Revenue_Code
|
| gptkbp:established |
1958
|
| https://www.w3.org/2000/01/rdf-schema#label |
S corporations in the United States
|
| gptkbp:limited_to |
100 shareholders
|
| gptkbp:must_file |
gptkb:Form_1120S
gptkb:Form_2553 |
| gptkbp:namedAfter |
gptkb:Subchapter_S_of_the_Internal_Revenue_Code
|
| gptkbp:not_taxed_at |
corporate level
|
| gptkbp:ownedBy |
certain trusts
|
| gptkbp:profit_distribution |
pro rata to shareholders
|
| gptkbp:prohibits |
corporate shareholders
partnership shareholders non-resident alien shareholders |
| gptkbp:responsibility |
limited liability
|
| gptkbp:shareholder_type_restriction |
must be U.S. citizens or residents
|
| gptkbp:subject |
gptkb:IRS_audit
federal regulations at-risk rules excess net passive income tax reasonable compensation rules potential state-level S corporation status recognition reasonable salary requirement for shareholder-employees basis limitations built-in gains tax (in some cases) built-in gains tax period (5 years) distribution limitations loss limitation rules material participation rules passive income limitations self-employment tax (on wages only) shareholder consent for election state franchise taxes (in some states) state income taxes (in some states) state-level regulations termination if requirements not met |
| gptkbp:tax_benefit |
avoidance of double taxation
|
| gptkbp:tax_year |
generally calendar year
|
| gptkbp:taxed_by |
gptkb:Internal_Revenue_Service
|
| gptkbp:taxes_paid_by |
shareholders
|
| gptkbp:taxStatus |
pass-through taxation
|
| gptkbp:bfsParent |
gptkb:IRS_Form_1120S
|
| gptkbp:bfsLayer |
5
|