The Jobs Act-Tax Update

The American Jobs Creation Act of 2004, signed into law Oct. 22, made some key changes to the S Corporation rules. As David A. Handler, in the Chicago office of Kirkland & Ellis LLP, reports: Internal Revenue Code Section 1361(b)(1)(A) provides that an S corp. may not have more than 75 shareholders. The Jobs Act amended this provision to increase the maximum to 100. The act also amended IRC Section

The American Jobs Creation Act of 2004, signed into law Oct. 22, made some key changes to the S Corporation rules. As David A. Handler, in the Chicago office of Kirkland & Ellis LLP, reports: Internal Revenue Code Section 1361(b)(1)(A) provides that an S corp. may not have more than 75 shareholders. The Jobs Act amended this provision to increase the maximum to 100.

The act also amended IRC Section 1361(c)(1) so that it provides that, in addition to treating a husband and wife (an

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