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Which statement is true regarding S corporations? Multiple Choice They are considered partnerships yet taxed...

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Accounting

Which statement is true regarding S corporations?
Multiple Choice
They are considered partnerships yet taxed like corporations as long as they follow regulations.
They cannot have more than 80 shareholders.
Shareholders do not report profit on their personal income tax forms.
They may be formed under state law.
Income is taxed only when distributed to the shareholders, who must not report the income on thelr personal income tax forms.
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