S Corporation Status Always Avoids Double Taxation

question 45

True/False

S corporation status always avoids double taxation.

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Definitions:

Promissory Estoppel

A legal principle that prevents a person from going back on a promise, even if it was not a formal contract, when the other party has relied on that promise to their detriment.

Legal Detriment

A loss or disadvantage that occurs to one party in a contract, considered a necessary component for a valid contractual agreement.

UCC

Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States.

Seal

A device used to impress or mark documents as a form of authentication or to signify agreement.