Unlimited Liability Is Faced by the Owners Of

question 40

Multiple Choice

Unlimited liability is faced by the owners of:

• A) corporations.
• B) partnerships and corporations.
• C) sole proprietorships and partnerships.
• D) all forms of business organization.

---

Definitions:

Schedule A

A tax form used for itemizing deductions, such as medical expenses, taxes paid, interest, gifts to charity, and casualty losses.

Medical Expenses

Unreimbursed costs for healthcare services, treatments, or products that may be deductible if they exceed a certain portion of the taxpayer's adjusted gross income.

Birth Control Pills

Medication taken orally to prevent pregnancy, often considered a qualified medical expense for health savings accounts.

Deductible Interest

Interest payments on loans (such as mortgage or student loans) that can be subtracted from gross income to reduce taxable income under certain circumstances.