Homework Answers
Statement 4 is True.
Explanation:
The Cap on shareholders for an S Corp is 100 and not 500. So the first statement is false.
Profits earned in a C- Corp are taxed twice: First when the owners file a corporate tax return and secondly through the owners personal tax return in the form of dividends. Hence the statement two is false.
An S-corp is a pass-through entity. This means that shareholders can report their business income and losses on their personal tax return. So the third statement is false.
S-Corps have restrictions when it comes to stocks. Prevents issuing preferred stock and other classes of stock. This statement is true.
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