Montana Code 15-30-3301. Definition of small business corporation
15-30-3301. Definition of small business corporation. (1) Except as provided in subsection (2), the term “small business corporation” is synonymous with “S. corporation” as defined in 15-30-2101 and means a corporation for which a valid election under section 1362 of the Internal Revenue Code (26 U.S.C. § 1362) is in effect.
Terms Used In Montana Code 15-30-3301
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(2)A corporation that would otherwise be a small business corporation may continue to be subject to the taxes imposed by Title 15, chapter 31, if all of the following conditions are met:
(a)on December 31, 1991, the corporation was doing business in Montana and had a valid subchapter S. corporation election but had not elected to be taxed as a Montana small business corporation;
(b)after December 31, 1991, the corporation has not filed as a Montana small business corporation; and
(c)the corporation files a corporate income tax return, as required by 15-31-111, reporting all income or loss as determined under Title 15, chapter 31, and attaches a copy of the federal subchapter S. corporate tax return.