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S corporations allow small business owners to enjoy the limited liability and other advantages afforded by corporations while, at the same time, obtaining the flow-through benefits of partnerships or sole proprietorships. However, the tax treatment of S corporations is governed by subchapter S of the Internal Revenue Code (IRC) and has some significant differences from partnerships and limited liability companies. There are two primary limitations on the ability of S Corporation shareholders to deduct losses that pass through from the entity: (1) basis limitations, and (2) the at-risk amount limitations.
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