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ACCT 553 - Final Exam (Chapter 13) solved Questions

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For Federal income tax purposes, a business entity with two or more owners may be conducted as a partnership, C corporation, S corporation, or limited liability company. - ANSWER True Daniel, who is single, estimates ...

For Federal income tax purposes, a business entity with two or more owners may be conducted as a partnership, C corporation, S corporation, or limited liability company. - ANSWER True Daniel, who is single, estimates that the profits of his business for the current tax year will be $100,000. Since the highest tax rate (34%) applicable to corporate taxable income of $100,000 is greater than the highest tax rate (28%) applicable to individual taxable income of $100,000, the Federal income tax liability will be less if Daniel conducts his business as a sole proprietorship rather than as a C corporation. - ANSWER False If a business entity has a majority of corporate characteristics, it is taxed as a corporation. - ANSWER False A limited liability company (LLC) is a hybrid business form that combines the corporate characteristic of limited liability for the owners with the tax characteristics of a partnership. - ANSWER True A limited liability company (LLC) cannot elect under the check-the-box rules to be taxed as an S corporation. - ANSWER True A sole proprietorship files Schedule C of Form 1040, a partnership files Form 1065, a C corporation files Form 1120, and an S corporation files Form 1120S. - ANSWER True Each of the following can pass profits and losses through to the owners: general partnership, limited partnership, S corporation, and limited liability company. - ANSWER True The corporation has a greater potential for raising capital than does the partnership. - ANSWER True The § 465 at-risk provision and the § 469 passive activity loss provision have decreased the tax attractiveness of investments in real estate for partnerships and for limited liability companies. - ANSWER True A C corporation offers greater flexibility in terms of the types of owners and capital structure than an S corporation. - ANSWER True All of the shareholders of an S corporation have limited liability with respect to their ownership interests in the corporation, whereas only limited partners in a limited partnership have such limited lia

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