Under the Check-The-Box Regulations, a Two-Owner LLC That Fails to Elect

question 18

True/False

Under the check-the-box Regulations, a two-owner LLC that fails to elect to be to treated as a corporation will be taxed as a sole proprietorship.

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Definitions:

Secondary Sex Characteristics

Secondary sex characteristics are physical traits that emerge during puberty but are not directly involved in reproduction, such as breast development in females and facial hair in males.

Gender Identity

An individual's personal sense of their gender, which may or may not correspond to the sex assigned at birth.

Androgyny

The blending or presence of both masculine and feminine characteristics in an individual's personality, behavior, or physical appearance.

Y Chromosome

A sex chromosome found only in males, which contains genes that are responsible for the development of male physical characteristics.