(a) "Corporation" means a corporation or joint stock association organized under the laws of the United States, the State of Ohio or any other state, territory or foreign country or dependency. For the purpose of taxation, a corporation (C-corporation) is not an S-Corporation (Federal Tax Code 26 U.S.C. 1361(a)(2)).
(b) “S-corporation” means a small business corporation which has made an election to be taxed as a pass-through entity similar to a partnership (Federal Tax Code 26 U.S.C. 1361(a)(1)). All rules and regulations, for tax purposes, pertaining to partnerships shall apply to S-corporation.
(Ord. 2004-165. Passed 12-21-04.)