A(n)________ Is a Close Corporation Whose Shareholders Have Elected to Be

question 74

Multiple Choice

A(n) ________ is a close corporation whose shareholders have elected to be taxed essentially like partners are taxed under federal income tax law.

• A)sole proprietorship
• B)LLLP
• C)LLC
• D)S Corporation

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Definitions:

Marginal Land

Refers to land that is of limited agricultural productivity due to adverse natural conditions such as aridity or steep terrain.

National Income

The total money earned within a country from economic activities in a specific period, typically a year.

Profits

The financial gain realized when the revenue generated from business activities exceeds the expenses, costs, and taxes needed to sustain the operation.

Economic Rents

Earnings in excess of the minimum amount required to keep a resource in its current use, often due to scarcity or monopolistic control.