âThe English and French gentry used patch boxes in which to keep beauty patches as well as patches to cover pox scars.â 2 A part of something marked out from the rest by a particular characteristic.
A corporate tax, also called corporation tax or company tax, is a tax on the income or capital of corporations or analogous legal entities. Many countries impose such taxes at the national level, and a similar tax may be imposed at state or local levels. The taxes may also be referred to as income tax or capital tax.
Because a P.C. is a corporation, for federal income tax purposes the corporation is taxed on its income, and its shareholders are taxed on dividends received from the corporation as well. This double taxation is why many people prefer not to use regular corporations for small business enterprises.