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Which businesses are taxed as corporations?

If your business was formed after 1996, and is one of the following, then it is taxed as a corporation:

  • A business formed under federal or state law that refers as a corporation or a joint-stock company
  • An insurance company
  • Certain banks
  • A business wholly owned by a state or local government
  • A business required by the Internal Revenue Code to be taxed as a corporation
  • Certain foreign businesses
  • Any other business that elects to be taxed as a corporation by filing Form 8832. 

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