Identify Which of the Following Statements Is True

question 87

Multiple Choice

Identify which of the following statements is true.

• A)The S corporation rules were enacted to allow small corporations to enjoy the nontax advantages of the corporate form of business without being subject to the tax disadvantage of double taxation.
• B)A partnership can elect to be taxed as a corporation under the check-the-box regulations. As a corporation, an S election can be made.
• C)For C corporations that desire to be taxed like a partnership, the S corporation rules provide a practical alternative for an existing C corporation to obtain many of the tax benefits of being taxed as a partnership.
• D)All of the above are true.

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Definitions:

Yellowish Secretion

Often refers to bodily fluids that are yellow in color, which can indicate infection, inflammation, or other medical conditions.

First Milk

Colloquially known as colostrum, a nutrient-rich fluid produced by mammals immediately following childbirth before the production of true milk begins.

Serum

The clear yellowish fluid that remains from blood plasma after clotting factors have been removed.

White Blood Cells

Cells of the immune system involved in protecting the body against both infectious disease and foreign invaders.