Identify Which of the Following Statements Is True

question 65

Multiple Choice

Identify which of the following statements is true.

• A) The partnership's tax year closes with respect to a partner whose interest is transferred by gift.
• B) 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.
• C) 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.
• D) All of the above are false.

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Definitions:

Penis-straightening Surgery

A medical procedure aimed at correcting curvature of the penis, often due to Peyronie's disease.

Hypospadias

A hormonal condition in which the opening of the penis, rather than being at the tip, is located somewhere on the underside, glans, or shaft or at the junction of the scrotum and penis.

Urethra

The tube that carries urine from the bladder to the outside of the body, and in males, also conveys semen.

Aposthia

A rare congenital condition in which an individual is born without a foreskin.