FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

KLM, a domestic limited liability company (LLC), is formed in March of the current year. The entity has two members and does not disregard its

KLM, a domestic limited liability company (LLC), is formed in March of the current year. The entity has two members and does not disregard its default classification for tax purposes. What is the default classification of KLM for tax purposes? A. Partnership. B. Sole proprietorship. C. Association taxed as a corporation. D. Limited liability company

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Cost Accounting Foundations and Evolutions

Cost Accounting Foundations and Evolutions

Authors: Michael R. Kinney, Cecily A. Raiborn

8th Edition

9781439044612, 1439044619, 978-1111626822

More Books

Students also viewed these Accounting questions

Question

★★★★★
The four balls each have the same mass m. If A and B are rolling forward with velocity v and strike C, determine the velocity of each ball after the first three collisions. Take e = 0.5 between each...

Answered: 1 week ago

Question

★★★★★
When performing an audit of internal control under PCAOB requirements, auditors evaluate control: a)design effectiveness yes, operating effectiveness yes b) design effectiveness yes, operating...

Answered: 1 week ago

Question

★★★★★
Use the following information for the next two questions: A mutual fund has 1,000 shares of Doggie Corp. currently trading at $10, and 500 shares of Kitty, Inc., currently trading at $15. The fund...

Answered: 1 week ago

Question

★★★★★
Use Figure 17.2 to explain why cost minimization through a tangency between an isoquant and a budget line does not apply in cases where D and M are either perfect complements or perfect substitutes....

Answered: 1 week ago

Question

★★★★★
The following histogram shows the ages of householders for the year 2010. Use this histogram to answer in following Exercises. 1. The least number of householders were in what age range? 2. How many...

Answered: 1 week ago

Question

★★★★★
A particle of mass 2m is attached to the end of a light, inelastic string of length a. The other end of the string is attached to a fixed point, O. When the particle is resting in equilibrium, it is...

Answered: 1 week ago

Question

★★★★★
Let A, B, and C be three events in a sample space , such that A B C = A. Then, the following is always true: (a) B C = A (b) B C A (c) A B C (d) BC = A (e) A BC.

Answered: 1 week ago

Question

★★★★★
Mega Manufacturing is considering whether to increase the production of one of its products, the Mega Rototiller. The product has done better than expected, and management wishes to figure out the...

Answered: 1 week ago

Question

★★★★★
Ch 16: Assignment - Capital Structure Decisions 0 X As Aa E 3. Break-even analysis To be profitable, a firm has to recover its costs. These costs include both its fixed and its variable costs. One...

Answered: 1 week ago

Question

★★★★★
3 (4 points) Given a normal distribution with u=50 and o=5, if you select a sample of n = 100, what is the probability that is less than 50.5? 1) 0.0139 2) 0.8413 3) 0.1587 4) 0.9861

Answered: 1 week ago

Question

★★★★★
Problem 1 (20 points). In a warehouse, it is required to locate a temporary storage area for 5 shelves operations that are located in the following coordinates (1, 4), (1, 8), (1, 12), (4, 4) and (4,...

Answered: 1 week ago

Question

★★★★★
Game Z Ltd has 3 sources of capitals - Common shares, Preferred shares and corporate bonds. The market value of its common shares is $50 per share while its Preferred shares are valued at $45 per...

Answered: 1 week ago

Question

★★★★★
Multi-step Income Statements The adjusted trial balance of Mally Distributors on December 31 is shown below. MOLLY DISTRIBUTORS Adjusted Trial Balance December 31 Debit Credit $30,200 Cash Accounts...

Answered: 1 week ago

Question

★★★★★
48 Assume that the actual amount of one of a company's variable expenses was $45,198. The company's planned level of activity was 19,000 machine-hours, and its actual level of activity was 18,500...

Answered: 1 week ago

Question

★★★★★
According to corporate policy, the average age of trade receivables and trade payables should both be 10 days and 20 days, respectively. At 30th June 2022, the Exeter hotel had trade receivables of...

Answered: 1 week ago

Question

★★★★★
11-15 The city council of Rapid City approved the following budgets for fiscal 2017: PREPARE THE JOURNAL ENTRIES TO THE APPROPRIATE FUNDS (General, Capital, Debt Service) 11. Purchase orders for...

Answered: 1 week ago

Question

★★★★★
Ashlee, Hiroki, Kate, and Albee LLC each own a 25 percent interest in Tally Industries LLC, which generates annual gross receipts of over $10 million. Ashlee, Hiroki, and Kate manage the business,...

Answered: 1 week ago

Question

★★★★★
3. What arc some possible impli..ations for the way U.S. comPo1nies will oranile lheir out SQurcing activities in the future?

Answered: 1 week ago

Question

★★★★★
1. How has the joh of an Avon I-lldy been "hanging:" For example. how have ('hanging tu,lOmer needs, demographics. IT. and so on affecled the job?

Answered: 1 week ago

Question

★★★★★
2. As a result of these chang"s, whm kinds of OB i,sue, must Avon's mallag"rs deal with to nlotiv"le ill1d coordinMe ils 486.(J!Xl-slrong sale,foree today?

Answered: 1 week ago

Previous Question Next Question