From the Internal Revenue Service website (www.irs.gov). Click on the "Business" tab, then the "Corporations" link. Find the link to "S Corporations" and read the information provided by the IRS.
Answer the following question:
Explain the reasoning behind the need for the S Corporation provisions in the IRS Tax Code and how the S Corporation benefits small business and the individual in contemporary culture.
Critical Elements:
1. Explain double taxation avoidance.
2. Illustrate how small businesses and individuals benefit.
3. Explain how the benefits affect contemporary culture.
4. Analyze the events that resulted in the business income tax code.