Qualified Personal Service Corporations Clarification Act of 2005
Last action on May 26, 2005Referred to the House Committee on Ways and Means.
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Summary
Qualified Personal Service Corporations Clarification Act of 2005 - Amends the Internal Revenue Code to modify the criteria for determining whether a corporation is a qualified personal service corporation. Includes within the definition of qualified personal service corporation a qualifying corporation substantially all of whose stock is held by certain former employees (thus permitting such corporation to use the cash method of accounting).
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