Lect the best answer. hich of the following statements regarding various entities is true? O D O A. A business entity with only one owner is classified as a corporation or is disregarded. B. A disadvantage of a pass-through entity is double taxation. C. By default, an eligible entity that has a single member will be treated as a limited part Partnerships are taxpaying entities, because tax attributes pass through to the individ partnors D.

Lect the best answer. hich of the following statements regarding various entities is true? O D O A. A business entity with only one owner is classified as a corporation or is disregarded. B. A disadvantage of a pass-through entity is double taxation. C. By default, an eligible entity that has a single member will be treated as a limited part Partnerships are taxpaying entities, because tax attributes pass through to the individ partnors D.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Select the best answer. Which of the following statements regarding various entities is true? O A. A business entity with only one owner is classified as a corporation or is disregarded. O B. A disadvantage of a pass-through entity is double taxation. O C. By default, an eligible entity that has a single member will be treated as a limited partnership Partnerships are taxpaying entities, because tax attributes pass through to the individual partners. O D. Submit Answers 100% Complete
which of the following statements regarding entities is true ? (a) c corporation is an incorporated entity chartered under federal law (b)an s corporation is a creature of state tax law (c)in a limited liability company none of the members bear personal liability for the debts and obligations of the entity (d)in a limited partnership the partners bear personal liability for the debts and obligations of the partnership
Who is eligible to take the Section 199A qualified business income deduction? 1. C corporation on Form 1120 II. S corporation on Form 1120S III. Partnership on Form 1065 IV. Sole proprietorship on Schedule C V. Individual taxpayer on Form 1040 1 I, II, III II, III, IV V
Which of the following entities is subject to double taxation? A) S Corporation B) Sole Proprietorship CI C Corporation D) Limited Liability Partnership (LLP)
Which of the following legal entities are generally classified as C corporations for tax purposes? Multiple Choice Limited liability companies. S corporations. Limited partnerships. Sole proprietorships. None of the choices is correct.
Partnerships: a.Are not taxable entities. b.Are taxed in the same manner as individuals. c.File tax returns on Form 1041. d.File tax returns on Form 1120.
None
Which statement is true? In computing the net taxable income of a corporation availing of the optional standard deduction, the OSD shall be deducted from the total sales or revenue. A corporate taxpayer is not qualified to avail of NOLCO as this is only applicable to individual taxpayers. The income of a business partnership shall be taxed with the regular corporate income tax and the share of each partner from the income of the partnership shall be subject to the regular income tax as well. Generally, government owned or controlled corporations are taxable.
Check my answer. Can a sole proprietor form as a single-member limited liability company (LLC)? If so, how would such an LLC be taxed? Under the check-the-box Regulations, an unincorporated entity with only one owner can file as an LLC and would be classified as a disregarded entity. LLC’s do not typically pay federal income taxes, but the LLC would need to report and pay employment and excise taxes.
Which of the following is not true of a corporation? Oa. It may enter into binding legal contracts in its own name. Ob. It may sue and be sued. c. The acts of its owners bind the corporation. Od. It may buy, own, and sell property.
26. The advantages of an LLC include all of the following except: A. Members are protected from personal liability for business decisions B. Sharing of profits C. Up to the members to decide who has earned what percentage of the profits or losses D. Entire net income of the LLC is subject to taxes E. Less record keeping compared to a Corporation
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