Question
Identify which entity or entities the following statement applies by matching. There is more than one answer to certain statements (state all that applies by
Identify which entity or entities the following statement applies by matching. There is more than one answer to certain statements (state all that applies by using a. partnership, b. S corporation, and c. C- Corporation)
a. Partnership
b. S Corporation
c. C Corporation
| Answer/ Answers | Statements |
| 1. Entity pays tax on income | |
| 2. Distributions of profits are taxable to owners | |
| 3. provides liability protection to owners | |
| 4. owners report income and losses on their tax returns | |
| 5. provides owners with a schedule K-1 | |
| 6. requires multiple owners | |
| 7. can have a single owner | |
| 8.files a separate form with the IRS | |
| 9. can continue indefinitely | |
| 10. can use a calendar year as a tax year | |
| 11. subject to double taxation | |
| 12. can carry back and carry forward losses |
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Accounting Tools for business decision making
Authors: kimmel, weygandt, kieso
4th Edition
978-0470117262, 9780470534786, 470117265, 470534788, 978-0470095461
