Federal Taxation and Limited Liability Company Questions there are only 10 questions of federal taxation and i just need the right answers 1. TRUE or FALSE? “C” Corporations and “S” Corporations are created (established)
under state law.
2. TRUE or FALSE? A Limited Liability Company is a federal income tax
3. The Partnership in which all Partners have limited liability protection is:
A. Limited Partnership
B. General Partnership
C. Limited Liability Limited Partnership (LLLP)
D. None of the above partnerships provide all partners with limited liability
4. A Limited Liability Company (LLC) with one Member may be treated as which of
the following for federal income tax purposes:
A. Disregarded entity (sole proprietorship)
B. S Corporation
C. C Corporation
D. None of the above
E. All of the above (A, B, and C).
Which of the following statements is FALSE?
A. C Corporations are subject to double taxation, a tax at the corporate level and a
tax at the shareholder level.
B. An S Corporation does not pay income tax but its Shareholders do.
C. A Limited Liability Company (LLC) with two Members must be taxed as a
D. A Limited Liability Company (LLC) with one Member may be taxed as an S
6. All of the following are characteristics and advantages of a C Corporation EXCEPT:
A. The numbers of shareholders is limited to 100.
B. Ability to raise capital.
C. Easy to transfer ownership interests.
D. Limited Liability
7. TRUE or FALSE? The Internal Revenue Code is written by the IRS.
8. Under the Tax Cuts and Jobs Act of 2017 the top income tax rate applicable to C
9. Which of the following statements about Treasury Regulations is FALSE?
A) Treasury regulations are written to interpret and explain the Internal Revenue
B) Treasury regulations are part of the statutory law.
C) A federal court can invalidate a Treasury regulation if the court concludes that
the regulation incorrectly interprets the Internal Revenue Code.
D) None of the above is false.
10. TRUE or FALSE? Start-up losses of a new business operation can generate
immediate tax savings if the business is operated as a C Corporation.
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