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Which guideline should a person keep in mind when working with children?
Subchapter S Corporation
A form of corporation that meets specific Internal Revenue Code requirements, offering the benefits of incorporated status while being taxed as a pass-through entity, avoiding double taxation.
Ordinary Loss
A loss incurred in the normal operation of a business that can be used to offset other types of income for tax purposes.
Interest Income
Earnings from investment in interest-bearing financial instruments, such as savings accounts, CDs, or bonds.
FMV
Fair Market Value (FMV) is the estimated price that an asset would sell for on the open market between a willing buyer and a willing seller.
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