If a Corporation Has S Corporation Status,it Can Avoid the Imposition

question 38

True/False

If a corporation has S corporation status,it can avoid the imposition of income taxes at the corporate level.

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Definitions:

Long Term Liabilities

Financial obligations of a company that are due beyond one year, including bonds payable, long-term loans, and lease obligations.

Current Liability

A company's debts or obligations that are due within one year or within the normal operating cycle of the business.

Cash

Liquid currency and assets that can be readily converted to known amounts of cash.

Services

Economic activities offered by one party to another, often involving professional skill, advice, or the performance of tasks in exchange for compensation.