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A publicly or privately owned business entity that is separate from its owners and has a legal right to own property and do business in its own name; stockholders are not responsible for the debts or taxes of the business. For income tax purposes, the word corporation has a broader meaning than its customary one. It includes an association, joint stock company, and insurance company. All are taxed as if they were corporations, although insurance companies are subject to special rules and are taxed at special rates.