Under the "Check-The-Box" Treasury Regulations,an LLC with More Than One

question 57

True/False

Under the "check-the-box" Treasury Regulations,an LLC with more than one member is treated as a partnership unless the LLC affirmatively elects to be classified as a corporation.

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Definitions:

Fiscal Year

A one-year period that companies and governments use for financial reporting and budgeting, which may not coincide with the calendar year.

Average Number

A value found by summing all numbers in a set and then dividing by the count of those numbers, representing a central or typical value in the set.

Maintenance Crew

A team responsible for keeping buildings, machinery, or equipment in working order through routine maintenance and repair.

Rate of Return

A rise or fall in an investment's worth over a certain period, denoted as a fraction of the investment's beginning cost.