Form 1120S, the U.S. Income Tax Return for an S Corporation, must be filed by corporations that have elected to be treated as S Corporations for federal tax purposes. To make this election, the corporation must meet the eligibility requirements outlined in [Section 1361 of the Internal Revenue Code](https://www.law.cornell.edu/uscode/text/26/1361), such as having no more than 100 shareholders and only one class of stock. The form is used to report the corporation’s income, deductions, and credits, which are then passed through to the shareholders’ individual tax returns.
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