Business Taxation Questions.
Not what you're looking for?
For a limited liability company with four owners,
A. An election can be made to be taxed as an S corporation.
B. The entity is taxed as a corporation.
C. An election can be made to be taxed as a partnership.
D. None of the above.
E. All of the above.
I know that they would normally be taxed as a partnership so that makes this questions somewhat confusing. Could someone clarify?
=========================
Which of the following is not immune from state income taxation, even if P.L. 86-272 is in effect?
A. Sale of a factory building.
B. Sale of office equipment that constitutes inventory to the purchaser.
C. Sale of office equipment to be used in the taxpayer's business.
D. All of the above are protected by P.L. 86-272 immunity provisions
I am not understanding this question at all.
Purchase this Solution
Solution Summary
Attached a formatted MS Word file that contains definitions of a LLC, S Corporation, and tax law P.L. 86-272.
Solution Preview
For your convenience, I have attached a formatted MS Word file that contains the answers, as well as the source of the answers to your questions.
Feel free to contact me in the future, in the event that the need for help arises.
For a limited liability company with four owners,
A. An election can be made to be taxed as an S corporation.
B. The entity is taxed as a corporation.
C. An election can be made to be taxed as a partnership.
D. None of the above.
E. All of the above.
Answer C - An election can be made to be taxed as a partnership.
According to Sally Jones, author of Principles of Taxation, limited liability companies (LLCs) are formed under state law ...
Purchase this Solution
Free BrainMass Quizzes
Transformational Leadership
This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.
Six Sigma for Process Improvement
A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.
Paradigms and Frameworks of Management Research
This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.
Motivation
This tests some key elements of major motivation theories.
Learning Lean
This quiz will help you understand the basic concepts of Lean.