Business Taxed as a Corporation Edinburgh luxury hotelsThe rules you must use to determine whether a business is taxed asa corporation changed for businesses formed after 1996. Business formed before 1997.A business formed before 1997 and taxed as a corporation under theold rules will generally continue to be taxed as a corporation. Business formed after 1996.The following businesses formed after 1996 are taxed ascorporations. A business formed under a federal or state law that refersto it as a corporation, body corporate, or body politic. A business formed under a state law that refers to it as ajoint-stock company or joint-stock association. An insurance company. Certain banks. Chambre Porto HotelA business wholly owned by a state or localgovernment. A business specifically required to be taxed as acorporation by the Internal Revenue Code (for example, certainpublicly traded partnerships). Antwerp hotelsCertain foreign businesses. Any other business that elects to be taxed as a corporationby filing Form 8832. For more information, see the instructions for Form 8832.