1 In battles: Physical moves stand out. 2  12 moves are of the type. 3  4 moves are of the type. 4  4 moves are of the type. 5  In contests: Tough moves stand out. 6  11 moves are of the type. 7  4 moves are of the type. 8  2 moves are of the type. 9  2 moves are of the type. 10  1 move is of the type.
The Illinois Income Tax is based, to a large extent, on the federal income tax code. S corporations are subject to the Personal Property Tax Replacement Income Tax (replacement tax), but do not pay regular Illinois income tax. The regular income tax is paid at the shareholder's level. Generally, income from an S corporation is passed on to the shareholders. The shareholders must include this income in their federal adjusted gross income (for individuals) or taxable income (for other taxpayers). This is the starting point for Illinois income tax purposes and where regular income tax is paid.
One possible tax advantage of an S Corp is pass-through taxation. Corporations can elect pass-through taxation by applying to the IRS for status as a Subchapter S Corporation. The S Corporation provides the same protection from personal liability as a C Corporation. However, owners of an S Corporation can report their share of profit and loss in the company on their individual tax returns. An S Corporation files IRS Form 1120s to report income. S Corporations have a number of restrictions. Most notably, only U.S. citizens or permanent residents may own an S Corporation.