Which of the Following, If Any, Incorrectly Characterize the Check-The-Box

question 103

Multiple Choice

Which of the following, if any, incorrectly characterize the check-the-box Regulations?

• A)A one-owner business is a sole proprietorship if default (no election is made) occurs.
• B)A one-owner business can elect to be taxed as a corporation.
• C)If default (no election is made) occurs, a limited liability company is taxed as a partnership.
• D)The check-the-box Regulations can apply to entities that are already incorporated under state law.
• E)None of the above.

---

Definitions:

Flat File

A database stored as an ordinary unstructured file without structured relationships or hierarchy among the data.

Sarbanes-Oxley

A US federal law enacted in 2002 to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to securities laws.

Private Companies

Businesses owned by individuals or groups that do not trade their stock publicly on the stock market, often characterized by private funding sources.

Infotainment

A blend of information and entertainment, often seen in multimedia content or systems that provide both simultaneously, such as in modern vehicle systems.