S Corporation Status Always Avoids Double Taxation

question 45

True/False

S corporation status always avoids double taxation.

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Definitions:

Note Receivable

A written promise that money will be paid by the debtor to the creditor at a certain date in the future.

Overdue Account Receivable

An account receivable that has not been paid by its due date, often resulting in the need for collection efforts.

Note Receivable Dishonored

Occurs when a debtor fails to fulfill the obligations of a promissory note they have issued.

Account Receivable

Account receivable is the money owed to a business by its customers for goods or services delivered but not yet paid for.