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Which of the following statements in incorrect about the check-the-box Regulations?

a. A limited liability company with one owner can elect to be taxed as a corporation

b. A limited liability company with more than one owner can elect to be taxed as a corporation.

c. An entity with more than one owner and formed as a corporation can elect to be taxed as a partnership

d. If a limited liability company with one owner does not make an election, the entity is taxed as a sole proprietorship.

e. If a limited liability company with more than one owner does not make an election, the entity is taxed as a partnership.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M988004

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