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Which of the following is true regarding an S corporation? It is considered a partnership but is taxed like a corporation. It is formed under

Which of the following is true regarding an S corporation?

It is considered a partnership but is taxed like a corporation.

It is formed under federal tax law.

Its income is not taxed when distributed to shareholders.

Its shareholders do not report profit on their personal income tax forms.

It cannot have more than eighty

(80)

shareholders.

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