Multiple Choice
Which of the following is a correct statement regarding S corporations?
A) They are considered partnerships yet taxed like corporations as long as they follow regulations.
B) They cannot have more than 80 shareholders.
C) S corporation shareholders do not report profit on their personal income tax forms.
D) They are formed under federal law.
E) S corporation income is not taxed when it is distributed to shareholders.
Correct Answer:
Verified
Correct Answer:
Verified
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