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Both S Corps and partnerships have rules on permissible tax years, and cannot just use...

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Accounting

Both S Corps and partnerships have rules on permissible tax years, and cannot just use whatever tax year they like.

What are the rules for each?

Compare and contrast them, since they are not exactly the same.

What is the government worried about? In other words, what tax-saving scheme is the government worried might occur if that these requirements are designed to prevent? Do you think there is really so much to worry about?

Are there any situations when an S-Corporation may pay tax? Explain what kinds of taxes?

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