Small Business Accounting - For federal income tax purposes, the following entities are automatically classified as corporations:
Ø Any business entity classified as a corporation under federal or state statute or under federally recognized Indian Tribe;
Ø Any association;
Ø Any state statutory business entity if the statute refers to it as a joint stock company or association;
Ø An insurance company;
Ø Any state chartered banking entity if its deposits are insured under a federal statute;
Ø Any business entity owned by a state or political subdivision thereof or by a foreign government;
Ø Any business entity taxable as a corporation other than under the Internal Revenue Code's general definition of a corporation;
Ø Business entities formed under numerous foreign jurisdictions.
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