Which of the following is likely to be a taxpayer who pays federal income tax Select...

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Question

Which of the following is likely to be a taxpayer who pays federal income tax Select...

Which of the following is likely to be a taxpayer who pays federal income tax

Select one:

A. Limited liability company

B. Corporation not making the S election

C. Corporation making the S election

D. General partnership

business accounting

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Answer 1

Answer #1

Correct answer--- B. Corporation not making the S election

.

An S corporation is treated as a partnership firm so its income is transferred to its partners. In LLP too partners pay individual taxes and LLP itself do not pay any federal taxes.

A corporation which is not an S corp will pay federal taxes.

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Answer 2

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