1366(a)(1), all S items of income, loss, deduction and credit pass through the corporation and ale taxed directly to its shareholders
in proportion to their ownership interests.
His principle is, if we understand it rightly, that no man can do anything as well for himself as his rulers, be they who they may, can do it for him, and that a government approaches nearer and nearer to perfection
in proportion as it interferes more and more with the habits and notions of individuals."