One of the disadvantages of a corporation is double taxation. This can best be defined as ______.

Corporations must file federal tax returns twice a year because their taxing period runs for only six months.

Corporations compute their federal tax liability by multiplying their state tax liability by 2.

Profits are taxed at the corporate level as income and again at the shareholder level as dividends.

Corporations are taxed at both the state and federal level.