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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This means that the corporation's income is not taxed at the corporate level, but is instead passed through to the shareholders and taxed on their individual income tax returns. Show more…
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