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Bruce and Bob organize Black LLC on May 10 of the current year. What is the entity's default tax classification? Are any alternative classification(s) available?

Bruce and Bob organize Black LLC on May 10 of the current year. What is the entity's default tax classification? Are any alternative classification(s) available? If so, (1) how do Bruce and Bob elect the alternative classification(s) and (2) what are the tax consequences of doing so?

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