All of the Following Statements Are True Except

question 42

Multiple Choice

All of the following statements are true except

• A)the net income earned by a sole proprietorship is reported on the owner's individual income tax return.
• B)the net income of an S corporation is subject to double taxation because it is taxed at the entity level and dividends paid from the S corporation to individual shareholders are also taxed.
• C)the net income of C corporation is subject to double taxation because it is taxed at the entity level and dividends paid from the C corporation to individual shareholders is also taxed.
• D)LLCs are generally taxed as partnerships.

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Definitions:

Implied Warranty of Habitability

A legal doctrine in real estate law that requires rental properties to be livable, safe, and sanitary before being leased.

Residential Property Leases

Legal agreements granting the right to occupy or use residential property for a specified period.

Commercial Property Leases

Legal agreements for the rental of business property.

Agricultural Property Leases

Contracts that outline terms and conditions under which a tenant can use land or buildings for agricultural production.