When j. R. Joined his uncle’s oil exploration company in east texas, he was given several hundred shares of stock in the firm, and was officially made a partner. The firm’s accountant explained that this partnership looks much like a corporation and is traded on a stock exchange but is taxed like a partnership and thus avoids the corporate income tax. Income received is not taxed before it is passed on to investors as dividends as it would be if the company were a corporation. This firm is likely a special form of ownership called a?.
