The principal "legal forms for conducting a business are the Sole Proprietorship, Partnership, Limited Liability Company (LLC) and Corporation, True False QUESTION 17 Thibodeaux Company has $100,000 of income before payment of $100,000 of salaries to its owners/employees. If Thibodeaux Company is formed as either a Partnership, Regular (Corporation or s Corporation, the total combined Federal Income Tax effect of the entity and the owners will be the same for each entity False True QUESTION 18 Bradford contributed cash of $25,000 and Land with an Adjusted Basis of $45,000 and a Fair Market value of $75,000 to an entity for a seventy-five percent (75%) ownership Interest in the entity. There is no debt on the Land. The entity was created three (3) years ago. If the entity is a Partnership, Bradford has no Recognized Gain and an initial basis in her Partnership Interest of $70,000 False True