Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

its says this is wrong - please complete this problem so its correct Select an X' for the entities or business forms that offer the

image text in transcribed

its says this is wrong - please complete this problem so its correct

image text in transcribed

Select an "X' for the entities or business forms that offer the tax advantage listed when doing business as that type of entity. (Ifthe entity or business form does not create the advantage listed, leave the input field blank For LLCs and LLPs, assume that the entity has two or more owners and has not elected to be treated as a corporation.) Advantages Losses can be used to offset income from other sources (may be subject to limitations.) Not taxed as a separate business entity. Instead, all profits and losses pass through to the owner(s) or member(s). Shareholders generally can contribute money to or withdraw money from this entity without recognizing gam. Shareholder-employees are entitled to nontaxable fringe benefits. Income is not subject to double taxation. The entity can use a fiscal instead of a calendar year as its reporting period without demonstrating a business purpose or making a special election. There are no restrictions on the types of owners the company can have. Offers its owners some form of limited liability. May be eligible for the 20% qualified business income deduction Sole LLC LLP Partnership S Corp C Corp proprietor

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding Business Ethics

Authors: Peter A. Stanwick, Sarah D. Stanwick

3rd Edition

1506303234, 9781506303239

Students also viewed these Accounting questions