Miracle Vacuum, Inc., is a private, for-profit corporation that (1) was formed for the purpose of manufacturing and distributing a newly patented appliance, (2) is owned by five shareholders, (3) is subject to double taxation, and (4) has made no public offering of its shares. Miracle is:

closely held corporation

Explanation:

Closely held corporations:

are private companies, whose shares are not publicly traded have a limited number of stockholders, the IRS establishes that 5 or less shareholders must control at least 50% of the stocks are subject to double taxation similarly to C corporations