POSNER, Chief Judge.
Subchapter S of the Internal Revenue Code entitles certain corporations to elect to be taxed almost (though not quite: see 26 U.S.C. § 1371(a)(1), and compare 26 U.S.C. § 731 with 26 U.S.C. § 311(b)) as if they were partnerships. The Subchapter S corporation's profits and losses flow through to the shareholders and are reported on their individual income tax returns, 26 U.S.C. § 1366, thus avoiding double taxation of corporate...
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