Select the best answer. Which of the following statements regarding the characteristics of various entities is false? O A. AC corporation enjoys no special tax status. B. A general partnership is a pass-through entity. The income of a sole proprietorship is taxed to its owner because it has no separate legal C. entity from its owner. O D. State taxability for S corporations makes no distinction between S and C corporations. O Submit Answers

Select the best answer. Which of the following statements regarding the characteristics of various entities is false? O A. AC corporation enjoys no special tax status. B. A general partnership is a pass-through entity. The income of a sole proprietorship is taxed to its owner because it has no separate legal C. entity from its owner. O D. State taxability for S corporations makes no distinction between S and C corporations. O Submit Answers

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter28: Income Taxation Of Trusts And Estates

Section: Chapter Questions

Problem 2DQ

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Select the best answer. Which of the following statements regarding various entities is true? O O O A. A business entity with only one owner is classified as a corporation or is disregarded. ion Q 10 B. A disadvantage of a pass-through entity is double taxation. C. By default, an eligible entity that has a single member will be treated as a limited partnership. Partnerships are taxpaying entities, because tax attributes pass through to the individual partners. O D. Submit Answers 100% Complete Exit
Select the best answer. Which of the following statements regarding various entities is true? O O O A. A business entity with only one owner is classified as a corporation or is disregarded. Question Q 10 B. A disadvantage of a pass-through entity is double taxation. C. By default, an eligible entity that has a single member will be treated as a limited partnership. Partnerships are taxpaying entities, because tax attributes pass through to the individual partners. O D. Submit Answers 100% Complete
2. Chapter TF, Section .01, Problem 004 Partnerships and proprietorships generally have a tax advantage over corporations. Oa. True Ob. False
4. General professional partnerships (GPP) are exempted from taxation because: S1: Partners are liable in their own capacity S2: GPP is a pass-through entity only S3: GPP is not a corporation Which is false? Group of answer choices S3 S2 None are false S1 5. Professional tax collected by Treasurers of local government units is an example of: Group of answer choices Privilege tax Income tax Specific tax Direct tax
19. Which of the following statements is not correct? A. As a rule, co-ownership is not subject to income tax because the activities of the co-owners are limited to the preservation and enjoyment of the property and the collection of the income therefrom. B. All partnerships, no matter how created or organized are considered corporations subject to corporate income tax. C. When the co-owners invest the income of the property co-owned in a business or any income-producing properties or activities constituting themselves into a business partnership, such partnership is consequently subject to tax as a corporation. D. A co-owner is subject to income tax on his share in the net income of the co-ownership actually or constructively received.
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.
Chapter 11 - Question 3: (a) Contrast the federal income taxation of a corporation with that of a sole proprietorship and a partnership. (b) Which of the three types of organizations must file a federal income tax return?
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…
MC: Topic: Income Taxation Which of the following statements is not correct? * The “Benefit-Protection Theory” is the source of the “Doctrine of Symbiotic Relationship” while the Theory of Taxation is based on the Lifeblood Doctrine. The power to tax is unlimited, comprehensive, plenary and supreme that it can reach over into any jurisdiction to seize upon person or property. The Constitution grants exemption from income tax on its revenues and from real property tax on assets used actually, directly and primarily for educational purposes. Tax law can be imposed for a special purpose and not merely aimed at revenue collection. A person cannot object or resist the payment of taxes solely because no personal benefit to him can be pointed as arising from the tax.
Which of the following legal entities are generally classified as C corporations for tax purposes? Multiple Choice Limited liability companies. S corporations. Limited partnerships. Sole proprietorships. None of the choices is correct.
LO.3, 8, 9 The taxpayer has generated excess capital losses (both short-term and long-term) for the current year. Discuss the income tax ramifications of the losses if the taxpayer is: a. An individual. b. A C corporation. c. An S corporation. d. A partnership.
Which of the following business entities, if any, pay income tax at the business entity level? Partnership O S Corporation O C Corporation O None of the above