Identify Which of the Following Statements Is False

question 26

Multiple Choice

Identify which of the following statements is false.

• A) Once an election is made to change its classification, an entity cannot change again for 60 months.
• B) A business need not be incorporated under state or federal law to be taxed as a corporation.
• C) The check- the- box regulations permit an LLC to be taxed as a C corporation.
• D) Under the check- the- box regulations, an LLC that has only two members (owners) must be taxed as a partnership.

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Definitions:

Attitudes

psychological tendencies expressed by evaluating entities with some degree of favor or disfavor.

Values

Fundamental beliefs or standards of behavior that guide decisions and actions.

Beliefs

are convictions or acceptances that something exists or is true, especially without proof.

Decision Process

The sequence of cognitive steps taken by individuals or groups in selecting among alternatives to make a decision.