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Corporations Midterm
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The income of a C corporation is subject to double taxation.
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True
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sphillips1133
Terms in this set (86)
The income of a C corporation is subject to double taxation.
True
The tax attributes of income and expense items of a C corporation pass through the corporate entity to the shareholders.
False
The net income of a proprietorship is subject to the self-employment tax, as are some partnership allocations of income to partners.
True
No entity-level Federal income tax is typically assessed on S corporations, limited liability companies (LLCs), or partnerships.
True
Sole proprietorships (are/are not) separate taxable entities.
are not
Partnerships (are/are not) subject to the income tax.
are not
The tax treatment of limited liability companies usually follows the same tax rules that are applicable to what type of company?
Partnerships
The C corporation (is/is not) recognized as a separate taxpaying entity.
is
A C corporation may elect to be taxed as _____?
an S corporation
What type of business are often referred to as pass-through entities because they follow the conduit concept as to the treatment of their tax attributes?
partnerships, LLCs, and S corporations
