List at Least Three Criteria a Corporation Must Meet for the IRS

question 94

Essay

List at least three criteria a corporation must meet for the IRS to grant the business an S-corporation status.

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Definitions:

Major Modification

A significant change or alteration to the original terms, structure, or conditions of an agreement or object.

Assignment

Shifting the possession of property, the burden of obligations, or rights from one side to another.

Consignment

An arrangement where goods are left in the possession of another party to sell, but the owner retains ownership until the goods are sold.

Positive Assurance

Certification or guarantee often required in auditing, indicating that financial statements and records accurately reflect the entity's financial status.