Which of the following taxable entities can a corporation elect to be classified as under the "check-the-box" regulations? a. limited liability company b. s corporation c. partnership d. disregard entity e. none of these
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- In order for a corporation and shareholders to qualify for non-taxable treatment upon the formation of a corporation (IRC Section 351), what are the three requirements?Give typing answer with explanation and conclusion Which of the following entities does not have limited liability? Select one: a. General partnership. b. LLC taxed as a disregarded entity. c. S corporation. d. All of the above have limited liability.Which of the following is correct? a.A partnership is a reporting entity but not a taxable entity. b.An individual is a reporting entity but not a taxable entity. c.A corporation is a reporting entity but not a taxable entity. d.A partnership is a taxable entity and a reporting entity.
- Which statement is incorrect? a. S corporations are treated as corporations under state law. b. S corporations are treated as partnerships for Federal income tax purposes. c. Distributions of appreciated property are taxable to the S corporation. d. All of these choices are correct.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.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
- Which of the following statements is true related to the conversion of a regular corporation to a limited liability company taxed as a partnership? A. In the conversion of a C corporation to an LLC taxed as a partnership, the transfer of appreciated assets from the liquidating corporations is not taxed at the corporate level. B. The corporation can contribute it's assets and liabilities into the new LLC in exchange for ownership interests. The corporation then distributes the LLC interests to it's shareholders in liquidation of the shareholders corporate stock. C. If the corporation distributes it's assets and liabilities to it's shareholders in liquidation of the new corporation, the shareholders are restricted from contributing these assets into the new partnership. D. The existence of substantially appreciated intangibles and goodwill with little or no tax basis has no consequences when converting a C corporation to an LLCWhich of the following is a characteristic of a corporation?a. No income taxb. Limited liability of stockholdersc. Mutual agencyd. Both b and cHow do S Corporations report separately separately stated items?
- Which of the following entities is subject to double taxation? A) S Corporation B) Sole Proprietorship CI C Corporation D) Limited Liability Partnership (LLP)Select the best answer. Which of the following statements is true related to the conversion of a regular corporation to a limited liab company (LLC) taxed as a partnership? OA O O 105 In the conversion of a C corporation to an LLC taxed as a partnership, the transfer of appreciated assets from the liquidating corporation is not taxed at the corporate level. The corporation can contribute its assets and liabilities into the new LLC in exchange for B. ownership interests. The corporation then distributes the LLC interests to its shareholders in liquidation of the shareholders' corporate stock. O D. If the corporation distributes its assets and liabilities to its shareholders in liquidation of the C. corporation, the shareholders are restricted from contributing these assets into the new partnership. The existence of substantially appreciated intangibles and goodwill with little or no tax basis has no tax consequences when converting a C corporation to an LLC. Submit Answers 100% Complete…For federal income tax purposes, what term refers to the business entity not being a separate entity from the owners? This type of entity is not taxed but the owner(s) must record the earnings from the business on his/her individual income tax return. Group of answer choices pass-through entity non-profit entity election entity mutual entity