Oh did you see GB on 17 Aug. 2008? He was interviewing small business cry babies S-Corporations. They have ESL classes. Think GB!

S-Corporations pay owners a salary usually. Then the corporation does it's own taxes. There are tax deductions allowed even for the salary of owner. Deductions: all payroll taxes paid are deducted on corporate taxes, expense deductions and more.... after all the deductions - even for food, entertain, gifts, etc.

More food for thought For the life of me I am trying to understand how real estate firms operate as a capital investment with earnings treated as capital investment. By trading properties all federal taxes from gains can or could be eliminated due to renewal of deductions of even depreciation of property structures if traded. We all should be renting from each other.