Comment Incompetent Lamer (Score 1) 1330
The "closely held" test is pretty meaningless, since the majority of U.S. corporations are closely held.
It's more important to look at how many people are affected. According to https://www.census.gov/econ/smallbus.html more than half of the employees in the US are employed by companies with more than 500 employees, which excludes almost all "closely held" corporations.
Sure, there are a lot of "closely held" companies, but most of them are pikers.