Examlex
With which of the following statements would most people in business agree?
C Corporation
A corporate legal framework where the entity is distinct for tax purposes from its owners or shareholders.
S Corporation
A type of corporation that meets specific Internal Revenue Code requirements, allowing profits, and some losses, to be passed directly to owners' personal income without being subject to corporate tax rates.
Rental Income
Income received from renting out property or equipment. This income is reportable and taxable.
Repair Cost
The expense incurred to fix or restore an item to its previous condition without improving or upgrading it beyond its original state.
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