Identify Which of the Following Statements Is True

question 118

Multiple Choice

Identify which of the following statements is true.

• A)Under the check-the-box regulations, an LLC that has one member (owner)may be disregarded as an entity separate from its owner.
• B)An unincorporated business may not be taxed as a corporation.
• C)A new LLC that is owned by four members elects to be taxed under its default classification (as a partnership)in its first year of operations. The entity is prohibited from changing its tax classification at any time in the future.
• D)All of the above are false.

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Definitions:

Anger

A strong feeling of annoyance, displeasure, or hostility triggered by what one perceives as wrong or threatening.

Magnitude

The size, extent, or importance of something, often quantifiable and used in various contexts to indicate scale or degree.

Immediacy

Describes the perception of closeness, either physically, psychologically, or temporally, to a person or event.

Quality

The degree of excellence or superiority of a product, service, or process, often judged according to a set of standards.