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41 of 75. Each of the following statements regarding C corporations are true EXCEPT. OAC corporation is a separate entity for tax purposes. Shareholders have

41 of 75. Each of the following statements regarding C corporations are true EXCEPT. OAC corporation is a separate entity for tax purposes. Shareholders have limited liability. Shareholders are taxed only when the corporation distributes earnings and profits. By definition, C corporations have more than one shareholder. Mark for follow upimage text in transcribed

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