Question

Miracle Mobile Devices, Inc., is a private, for-profit corporation that (1) was formed for the purpose of manufacturing and distributing a newly patented tablet, (2) is owned by five shareholders, (3) is subject to double taxation, and (4) has made no public offering of its shares. Miracle is
a. an S corporation.
b. a close corporation.
c. a nonprofit corporation.
d. a professional corporation.

Answer

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