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Ax purposes, certain business entities formed after 1996 are automatically classified as corporations. Other business entities with at least two members can choose to be classified as either an association taxable as a corporation or a partnership. A business entity with a single member can choose to be classified as either an association taxable as a corporation or disregarded as an entity separate from its owner. 2. Edward purchased an office building on January 1, 1990. He exchanged the buil.

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