by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com A stock redemption occurs when a corporation acquires its own shares from a shareholder in exchange for money or property. Under IRC §302, a redemption is treated either as a sale or exchange or as a...
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Corporate distributions can take the form of cash, stock, or property. Under IRC §301, the tax character of a distribution depends entirely on the corporation’s Earnings & Profits (E&P). How...
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Earnings & Profits determine how corporate distributions are taxed to shareholders. Under IRC §316, a distribution is a dividend to the extent of current E&P, then accumulated E&P, and only...
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Flat corporate tax C corporations, including personal service corporations, pay a flat 21% tax on taxable income under IRC §11. There are no brackets. All taxable income is taxed at the same rate....
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com C corporations may deduct charitable contributions made in cash or property to qualified organizations. The deduction is limited and follows strict income‑based and property‑based rules under IRC §170....
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com The Dividends Received Deduction allows a C corporation to deduct a portion of dividends received from domestic corporations. The rule prevents multiple layers of corporate‑level tax and encourages...
