Which business enterprises pay untaxed profits to owners/partners who then pay the taxes on their individual returns?

In computing net business income for income tax purposes, which of the following statements is INCORRECT? Question 3Answer a. Income tax paid is not allowed as a business deduction. b. Depreciation is not allowed as a business deduction. c. Capital cost allowance is not allowed as a business deduction. d. An arbitrary reserve is not allowed as a business deduction.

Corporations are required to pay taxes on O A. income from the business O B. operating expenses C. employee bonuses O D. start-up costs

22. McLaughlin Corporation's statement of financial position showed the following amounts: current liabilities, $75,000; total liabilities, $100,000; total assets, $200,000. What is the total debt to total assets ratio? a.1 b.2 c.0.50 d.0.875

Explain how an investor in an equity REIT may receive a current dividend, part of which may be tax-deferred.

Why company tax rate is always different from company accounting income?

The earnings and losses from a sole proprietorship are reported on O the sole proprietorship's state income tax return O the sole proprietorship's federal income tax return O the sole proprietorship business license form O the individual sole proprietor's personal income tax return

Explain the tax implications of a company and partnership type of business.

The entity variable is important because the tax rate that applies to taxable income generated by a business often depends on the type of entity conducting the business. O True False