The Excess Loss Limitations Apply to Owners of All of the Following

question 52

Multiple Choice

The excess loss limitations apply to owners of all of the following entities except which of the following (answer for tax years other than 2020) ?

• A)C corporations
• B)S corporations
• C)Entities taxed as partnerships
• D)Single-member LLCs (owned by an individual taxpayer)

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Definitions:

Autism Spectrum Disorder

A developmental disorder characterized by difficulties in social interaction, communication, and by restricted or repetitive patterns of thought and behavior.

Family Characteristics

Attributes, values, and dynamics that define and differentiate one family from another, influencing the behaviors and relationships of its members.

Intellectual Disability

A condition characterized by significant limitations in both intellectual functioning and in adaptive behavior, which covers many everyday social and practical skills.

Adaptive Functioning

A measure of an individual's social, occupational, and everyday living skills and their ability to meet the demands of personal and community living.