Triple

Given a phrase, classify it is english named entity (e.g., persons, organizations, works of art) in Latin script, or not (e.g., literals, dates, URLs, verbose phrases). For disambiguation, the statement where the phrase occurs as object is also given. Please return a JSON object with `phrase` (string, the phrase being analyzed) and `is_ne` (boolean, indicating whether the phrase is a Named Entity).

Phrase: Internal Revenue Code section 1362 | Statement: [Form 2553, governingLawSection, Internal Revenue Code section 1362]

Target entity: Internal Revenue Code section 1362
Context triple: [Form 2553, governingLawSection, Internal Revenue Code section 1362]

• A. Internal Revenue Code section 51
  Internal Revenue Code section 51 is the federal tax law provision that authorizes and defines the Work Opportunity Tax Credit, allowing employers to claim credits for hiring individuals from certain targeted groups.
• B. Internal Revenue Code section 4671
  Internal Revenue Code section 4671 is the federal tax provision that imposes excise taxes on certain chemicals and related substances to help fund environmental cleanup under the Superfund program.
• C. Internal Revenue Code section 4611
  Internal Revenue Code section 4611 is the federal tax provision that imposes excise taxes on certain chemicals and petroleum products to help fund environmental cleanup under the Superfund program.
• D. Subchapter N of the Internal Revenue Code
  Subchapter N of the Internal Revenue Code contains the U.S. federal tax rules governing the taxation of nonresident aliens, foreign corporations, and income from sources outside the United States.
• E. Internal Revenue Code section 4612
  Internal Revenue Code section 4612 is a U.S. tax provision that defines and governs the application of excise taxes related to environmental “Superfund” programs, including the types of chemicals and petroleum products subject to these taxes.
• F. None of above. chosen
• G. Unsure - the case is ambiguous/there is not enough information to decide.

Generate a one-sentence description of the target entity. 
You are given a context triple in the form (subject, predicate, object), where the object is the target entity. 
# Instructions
Use the triple to infer relevant information about the entity. Describe the entity based on what is most defining, well-known. 
Avoid repeating the information from the triple, unless really essential.
# Response Format
Return only the sentence: "Description: [one-sentence description of the target entity]"

Entity: Internal Revenue Code section 1362
Triple: [Form 2553, governingLawSection, Internal Revenue Code section 1362]

Internal Revenue Code section 1362 is the federal tax provision that sets out the rules and requirements for corporations to elect and maintain S corporation status.

Target entity: Internal Revenue Code section 1362
Target entity description: Internal Revenue Code section 1362 is the federal tax provision that sets out the rules and requirements for corporations to elect and maintain S corporation status.

• A. Internal Revenue Code section 51
  Internal Revenue Code section 51 is the federal tax law provision that authorizes and defines the Work Opportunity Tax Credit, allowing employers to claim credits for hiring individuals from certain targeted groups.
• B. Internal Revenue Code section 4671
  Internal Revenue Code section 4671 is the federal tax provision that imposes excise taxes on certain chemicals and related substances to help fund environmental cleanup under the Superfund program.
• C. Internal Revenue Code section 4611
  Internal Revenue Code section 4611 is the federal tax provision that imposes excise taxes on certain chemicals and petroleum products to help fund environmental cleanup under the Superfund program.
• D. Subchapter N of the Internal Revenue Code
  Subchapter N of the Internal Revenue Code contains the U.S. federal tax rules governing the taxation of nonresident aliens, foreign corporations, and income from sources outside the United States.
• E. Internal Revenue Code section 4612
  Internal Revenue Code section 4612 is a U.S. tax provision that defines and governs the application of excise taxes related to environmental “Superfund” programs, including the types of chemicals and petroleum products subject to these taxes.
• F. None of above. chosen

Target predicate: governingLawSection
Context triple: [Form 2553, governingLawSection, Internal Revenue Code section 1362]

• A. governingLawForOccupant
  Indicates the legal framework or set of laws that apply to and regulate the rights, obligations, and activities of a particular occupant.
• B. governingJurisdictionForRules
  Indicates the legal or regulatory jurisdiction under whose authority a given set of rules or regulations applies.
• C. legalCodeAppliesTo chosen
  Indicates that a particular legal code or statute is applicable to, or governs, a specified subject, situation, or entity.
• D. legalLicenseJurisdiction
  Indicates the legal authority or geographic area under whose laws a particular license is granted, valid, or enforced.
• E. governingConvention
  Indicates that one entity is the formal agreement, treaty, or convention that provides the authoritative rules or framework governing another entity or activity.
• F. None of above.