Identify Which of the Following Statements Is True

question 89

Multiple Choice

Identify which of the following statements is true.

• A)Under the check-the-box rules,an LLC with more than one member is taxed as a corporation unless it elects to be taxed as a partnership.
• B)The partnership's tax year closes with respect to a partner whose interest is transferred by gift.
• C)An LLC has been taxed as a partnership for five years.Under the check-the-box rules,the LLC makes a timely election in 2009 to be taxed as a C corporation.The election of C corporation status is permitted and results in the LLC's assets being transferred from a partnership to a C corporation under the federal income tax rules.
• D)All of the above are false.

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Definitions:

Demonstrates

The action of showing or proving something through example or evidence, often used in educational and professional contexts.

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The emotional state where an individual perceives they have no control or influence over the situations or outcomes in their life.

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Various methodologies or strategies by which individuals process and retain information, including visual, auditory, and kinesthetic learning styles.

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