Elroy Is the Sole Proprietor of a Gift Shop in a Small

Multiple Choice

Elroy is the sole proprietor of a gift shop in a small shopping centre.Because he is a sole proprietor,any profit Elroy's business earns is:

A) totally tax-free.
B) taxed only as Elroy's personal income.
C) taxed twice,once as business income,then again as Elroy's personal income.
D) taxed only if and when it is distributed to investors.