Small Business Corporation
Small Business Corporation means:
a business entity (like a corporation or company) satisfying the conditions in Former IRC (check if this IRC provision is current here) § 1244(c)(3) and/or 1361(b). Satisfaction of § 1244(c)(3) allows a business entity (like a corporation or company) to claim an ordinary loss, and meeting § 1361(b) allows a business entity (like a corporation or company) to elect to be an S corporation.
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