Identify Which of the Following Statements Is True

question 89

Multiple Choice

Identify which of the following statements is true.

• A)Under the check-the-box rules,an LLC with more than one member is taxed as a corporation unless it elects to be taxed as a partnership.
• B)The partnership's tax year closes with respect to a partner whose interest is transferred by gift.
• C)An LLC has been taxed as a partnership for five years.Under the check-the-box rules,the LLC makes a timely election in 2009 to be taxed as a C corporation.The election of C corporation status is permitted and results in the LLC's assets being transferred from a partnership to a C corporation under the federal income tax rules.
• D)All of the above are false.

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Definitions:

Mini-Mental State Examination

A brief 30-point questionnaire test that is used to screen for cognitive impairment, commonly used in the diagnosis of cognitive disorders and dementia.

Geriatric Depression Scale

A screening tool used to identify depression in older adults, involving a questionnaire that assesses the presence and severity of depressive symptoms.

Pantry Cabinet

A storage area in a kitchen used for food, dishes, and utensils.

Activities Of Daily Living

Basic self-care tasks that an individual does on a day-to-day basis, such as eating, bathing, dressing, toileting, and mobility.