New IRS Guidance Provides Clarification and Simplified Procedures for S
https://www.mintz.com/insights-center/viewpoints/2906/2022-10-24-new-irs-guidance-provides-clarification-and-simplified
WEBOct 24, 2022 · Oftentimes, when an LLC elects to be classified as an S corporation, the owners of the LLC use an “off-the-shelf” operating agreement that includes partnership tax provisions. These provisions, in many instances, create a “second class of stock,” thereby invalidating the S election even if the LLC never made a non-pro rata distribution.
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