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Subchapter S Status
A tax designation for small corporations that meet specific IRS requirements, allowing income to be taxed at the shareholder level rather than at the corporate level.
Subchapter S Corporation
A type of corporation created through an IRS tax election to pass corporate income, losses, deductions, and credits through to shareholders for federal tax purposes.
Schedule K-1
A tax document used to report the income, losses, and dividends of a partnership or S corporation's partners or shareholders.
Separately Stated
Items on a partnership or S corporation tax return that must be reported separately on the owners' personal tax returns.
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