Which of the following, if any, correctly describe the status or nature of limited liability companies?

a.Statutes creating these entities have been adopted by only a minority of the states.

b.Cannot elect to be taxed as a corporation.

c.Can elect partnership tax status even if incorporated under state law.

d.One of the main reasons why the check-the-box Regulations were issued.

e.None of these choices are correct.

Which, if any, of the following rules relate only to the income taxation of C corporations?

a.Net long-term capital gains are subject to a special alternative tax.

b.Like-kind exchanges are nontaxable.

c.No deduction is available for inventory donated to charity.

d.A charitable contributions deduction is allowed but is limited.

e.None of these choices are correct.

In 2018, Creeper Corporation had a $4,000 net long-term capital loss which it could not carry back. For 2019, it had the following capital transactions:

Long-term capital gain	$2,000
Short-term capital gain	3,000

As a result of these transactions, for 2019 Creeper has a:

a.Carryover to 2020 of $2,000 long-term capital loss.

b.Net short-term capital gain of $3,000.

c.Net short-term capital gain of $1,000.

d.Net long-term capital gain of $1,000.

e.None of these choices are correct.