Which one of the following is NOT a characteristic of an S Corporation?

	a.	C corporation organized in the U.S. or the law of any state in the U.S.
	b.	Losses can be limited by basis, passive activity and at-risk limitations.
	c.	Ordinary business income is included in shareholders taxable income regardless of a current year distribution.
	d.	Shareholders share of ordinary business income is subject to self-employment tax.