Corporations Exploit Loopholes to Avoid Taxes, Leaving Individuals to Shoulder Burden
The article discusses how the tax treatment of US corporations and partnerships has evolved over time. It explains how the IRS and courts initially believed unincorporated businesses couldn't be taxed like partnerships. The article then explores the creation of limited liability companies (LLCs) and how the IRS changed its approach to income tax classification. The researchers also raise questions about the impact of federal and state laws on business organization.