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Today's Terms
Exemptions
Definition:
Amount that taxpayers can claim for themselves, their spouses, and eligible dependents. There are two types of exemptions-personal and dependency. Each exemption reduces the income subject to tax. The exemption amount is a set amount that changes from year to year.
Acquisition
Definition:
The purchase of one corporation by another, through either the purchase of its shares, or the purchase of its assets.
Subchapter S
Definition:
The S-Corporation must complete and file IRS Form 1120s to report its annual income to the IRS each year.
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