Indicate whether the following statements are "True" or "False" regarding the tax treatment of various...
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Accounting
Indicate whether the following statements are "True" or "False" regarding the tax treatment of various forms of conducting a business. a The income of a C corporation is subject to double taxation. False b The tax attributes of income and expense items of a C corporation pass through the corporate entity to the shareholders. False c The net income of a proprietorship is subject to the selfemployment tax, as are some partnership allocations of income to partners. d No entitylevel Federal income tax is typically assessed on S corporations, limited liability companies LLCs or partnerships.
Indicate whether the following statements are "True" or "False" regarding the tax treatment of various forms of conducting a business.
a The income of a C corporation is subject to double taxation.
False
b The tax attributes of income and expense items of a C corporation pass through the corporate entity to the shareholders.
False
c The net income of a proprietorship is subject to the selfemployment tax, as are some partnership allocations of income to partners.
d No entitylevel Federal income tax is typically assessed on S corporations, limited liability companies LLCs or partnerships.
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