Which of the following types of organization includes all of the business's income in the owner's personal tax return?
A)A proprietorship
B)A private corporation
C)A public corporation
D)An income trust

Question

Quizplus · Accepted Answer

A proprietorship is a type of business where the owner is the sole proprietor and therefore all the business's income is included in the owner's personal tax return. This is because the business and the proprietor are considered the same entity for tax purposes. Income trusts are not organizations, but rather a type of investment vehicle. Private and public corporations have a separate legal identity from their owners and pay taxes separately.

Which of the Following Types of Organization Includes All of the Business's