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- Title
TAXING THE INCOME OF THE CLOSE CORPORATION.
- Authors
LOWNDES, CHARLES L. B.
- Abstract
In this article, the author analyzes the way of taxing the income of the close corporation in the U.S. He talks about the current method of taxing the income from close corporation and says that if further the corporate tax would be manipulated it would give way to the inequities in the present system along with addition of instability to the aggregate. The current method is unsound as it taxes the income of close corporations and tax is premised upon a legal fiction rather than economic realities. The close corporation is identified as an independent taxable entity which is impediment to the free choice of a form of business organization.
- Subjects
UNITED States; BUSINESS tax; TAX laws; CLOSE corporations; CORPORATION law; SMALL business; STOCK transfer; GOING private (Securities); LIMITED liability; BUSINESS trusts
- Publication
Law & Contemporary Problems, 1953, Vol 18, Issue 4, p558
- ISSN
0023-9186
- Publication type
Article
- DOI
10.2307/1190463