SUBCHAPTER S Definition

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SUBCHAPTER S is a legal corporate entity organized under the United States Federal Tax Code that allows Subchapter S Corporations to distribute all income / loss proportionately to its shareholders, who then claim that income / loss on their personal income taxes; thereby avoiding the payment of corporate taxes.

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PRIVATE LEDGER see LEDGER.

ENDOWMENT POLICY is a combination of life assurance and investment whereby the sum assured is paid at a predetermined date or on death, if earlier.

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