{"iri":"https://lexicon.financial/ext/concept/SCorporation","label":"S Corporation","definition":"A corporation that has elected pass-through taxation under Subchapter S of the IRC. The entity itself does not pay federal income tax; instead, income, deductions, and credits flow through to shareholders' personal returns. Limited to ≤ 100 shareholders, all U.S. individuals or qualifying trusts, and a single class of stock. The authoritative definition lives in IRC §1361(a)(1) — that section is in our IRC-Title-26 ingest scope but its sentence structure (\"a small business corporation for which an election under section 1362(a) is in effect for such year\") doesn't match the \"the term X means Y\" extraction pattern, so we anchor the concept here for now.","license":"https://spdx.org/licenses/MIT","source":"ext","source_url":"https://lexicon.financial/ext/"}