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An S corporation may now have more shareholders because certain family members may be counted as a single shareholder.When an LLC files form 2553 to elect S status, the form serves as an election to be taxed as a corporation as well.Background Prior to 1997, S corporations were prohibited from owning 80% or more of another corporate entity.

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The S corporation cannot be included in this return, however.

Dividends received by the S corporation parent from its C corporation subsidiary are not treated as “passive investment income” to the extent they are attributable to the sub’s active conduct of a trade or business.

This can help the S corporation avoid the tax on passive income and the possible termination of its S corporation status that applies to S corporations with accumulated earnings and profits (i.e., earnings and profits from a year when it was not an S corporation).

In the past, the solutions were complicated, limited and seldom implemented.

Now business owners can take advantage of the new “Parent F reorganization” option.