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Financial Planner

Category - Tax Planning

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What type of corporation is subject to flat tax?

S Corporation
Partnerships
Personal Service Corporation
Personal Holding Company

Explanation

Answer: C - A personal service corporation is subject to flat tax. The flat tax rate is 35 percent and passive loss limitations. Personal service corporations are those performing services in the fields of health, law, engineering, architecture, accounting, actuarial science, the performing arts, or consulting.

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