Corporations taxed as S corporations offer the same legal protection to owners as corporations taxed as C corporations. True or false
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Corporations taxed as S corporations offer the same legal protection to owners as corporations taxed as C corporations.
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- Corporations are subject to specific corporate tax rates different from those for individuals. True or false ?Other than corporations, are there other legal business entities that offer liability protection? Are any of them taxed as flow-through Entities? Explain.An S corporation is subject to the following tax(es). a.Corporate income tax. b.Built-in gains tax. c.Alternative minimum tax. d.None of these choices are correct.
- True or False:An S Corporation is never subject to any federal income tax.Which of the following is wrong? Exempt corporations are subject to income tax on their income from unrelated activities. Government-Owned and Controlled Corporations are subject to regular corporate income tax. Exempt corporations who filed late are not subject to penalties because they have no tax due. None of the above.a corporation whose only source of income is rental income will not be subject to the personal holding company penalty tax. true or false
- 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.to be a personal holding company, the corporation must have been formed or availed of for the purpose of avoiding tax on the shareholders. true or false1. All associations or corporations enumerated under Sec. 30 of the NIRC on exempt association are automatically exempt from income tax. 2. Exemption from tax is privilege viewed with disfavor by the state. As such a taxpayer, to become exempt, must comply with the requirements for tax exemption by laws or regulations. A= 1st statement is true, second statement is false. B=1st statement is false, second statement is true. C= Both statements are false. D= Both statement are true. OA O O D P
- Which of the following is true? Non-profit corporations are exempt from corporate income tax. Domestic corporations shall choose ether MCIT or RCIT. Whenever MCIT is payable, there is a Net Operating Loss Carry-Over. MCIT does not apply to foreign corporations.The accumulated earnings tax, which is imposed on corporations for the accumulation of earnings in excess of reasonable business needs, does not apply to: a. Closely-held corporations. b. Widely-held corporations. c. Corporations subject to the personal holding company tax. d. Both "Widely-held corporations" and "Corporations subject to the personal holding company tax". e. All of these choices are correct.Which of the following characteristics best describes a corporation? business with a single owner Is not taxed Stockholders not personally liable for entity’s debts Not a separate taxable entity