First National Bank marks 50 years Oct 3, 2008
Effective January 1, 2008, the bank was converted to a Subchapter S Corporation, which created the FNB Holding Company and the stockholders of First National Bank were issued a like amount of shares in the holding company. Dinorah Pacheco began her employment with the bank in August 1987 and was elected Assistant Cashier April 3, 2008. (Fort Stockton Pioneer, TX)
Escort Service Owner Pleads Guilty Aug 13, 2008
Hope ran Aphrodite Inc. as a subchapter S corporation, where the company is not taxed and the income passes through to shareholders, who are taxed on their income. The U.S. attorney's office says Hope understated Aphrodite's corporate income tax returns by more than $267,000 and her individual income tax returns by at least $52,000 for 2001 through 2004. (WTVR.com, VA)
TransPecos Banks-Iraan named a top performer Jul 13, 2008
Separate performance rankings are listed for Subchapter S corporation community banks and Subchapter C corporation community banks among five asst categories. For details, visit the online news and media center at and click o Top 20 Best Performers. (Fort Stockton Pioneer, TX)
Tax return shows Roy and Kim Brown paid $36,600 in 2007 Jun 28, 2008
The other is Environmental Services of Wyoming, another family venture involving a Subchapter S corporation that owns chemical analysis laboratories in Montana, Wyoming and North and South Dakota. Wilcox said Roy Brown does not own a controlling interest in this company. (Missoulian, MT)
Tribune posts $1.82B 1Q gain on tax status change; sales ebb May 9, 2008
86 billion related to the company's change in tax status at the beginning of the year to a subchapter S corporation. Tribune, however, had a loss from continuing operations before income taxes of $30 million _ down from income of $31 million in the same period of 2007. (Freeport Journal-Standard, IL)
Tribune Reports 2008 First Quarter Results May 9, 2008
86 billion related to the elimination of essentially all of the Company's net deferred tax liabilities due to the Company's change in tax status at the beginning of the year to a subchapter S corporation ... 93 billion in the 2008 quarter, which includes the income tax adjustment related to the Company's change in tax status to a subchapter S corporation, compared with an after-tax non-operating loss of $57 million in the 2007 quarter ... 86 billion related to the elimination of essentially all... (Yahoo! Wire -- Entertainment News)
Tribune Reports 2007 Fourth Quarter and Full Year Results Mar 21, 2008
Such risks, trends and uncertainties, which in some instances are beyond the Company's control, include: our ability to generate sufficient cash to service the significant debt levels and other financial obligations as a result of the Company's going-private transaction; potential impacts to operations and liquidity as a result of restrictive covenants under our senior credit facilities; our dependency on dividends and distributions from our subsidiaries to make payments on our indebtedness;... (Yahoo! Wire -- Entertainment News)
USAmeriBank realigns course, sets sights for Tampa Nov 1, 2007
Originally organized as a Subchapter S corporation with a limited number of investors, the bank converted into a C Corporation with the private secondary offering, which brought in additional local investors, McMurtrey said. The bank's 25 employees own a substantial stake, about 15 percent of the cash investment in the bank and 20 percent of the total stock, including options, Chillura said. (Tampa Bay Business Journal, FL)
President Bush Visits Lancaster Chamber of Commerce and Industry, Discusses S-CHIP Oct 4, 2007
Dana said, we're a subchapter S. And the reason I bring that up to you is I'm going to talk a little bit about tax policy here in a minute, and when you cut individual income taxes, you cut taxes on a small business that's organized as a subchapter S corporation. And so I talk about tax cuts; I want you to be thinking about tax cuts not only for yourself, but tax cuts for small business owners. (White House News Releases)
Bush touts S corp, tongued-tied on S-CHIP veto Oct 4, 2007
They are organized as a subchapter S corporation, so they pay individual income taxes on their business earnings. Bush touts S corporations often. (Baltimore Sun)
Two ways to reduce taxes Apr 4, 2007
Tribune also plans to convert itself to something called a subchapter S corporation, named for part of the Internal Revenue Service code. Such corporations differ from regular corporations in that they pay no income taxes at the corporate level but instead give their profits directly to shareholders, who pay the taxes themselves based on their own tax status. (Newsday -- Business)
Zell may be biggest winner in buyout Apr 3, 2007
The key aspect of the deal is the conversion of Tribune into a Subchapter S corporation. Such entities pay no corporate income tax but must funnel all profit directly to shareholders, who then pay taxes on those distributions. (Los Angeles Times)
Congress and the Bottom Line Jan 17, 2007
Members of both parties view it as a revenue raiser" for the government, and continue to look at it as a way to pay for (AMT) repeal or relief. Acceleration of the 3 percent withholding mandate on government contractors: In 2011, every business that does business with government at any level will have 3 percent of each payment withheld. An end-of-session effort to accelerate the withholding provision was thwarted in the waning days of Congress last year, but it remains a live item to offset... (Fox News)
