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.
However, there are two types of for-profit corporations for federal tax law purposes: 1  C corporations: What we normally consider regular corporations that are subject to the corporate income tax. 2  S corporations: Corporations that have filed a special election with the IRS. 3  They are not subject to corporate income tax.