_____ 17. Only 50 percent or more of the shareholders of an S corporation must consent to the S election.
Correct Answer:
Verified
Q11: _ 9. Limited liability companies are generally
Q12: _ 20. S corporations never pay any
Q13: _ 1. A flow-through entity aggregates all
Q14: _ 12. Once established at entry, a
Q15: _ 4. A general partner in a
Q17: _ 13. Recourse debts can only be
Q18: _ 2. A sole proprietorship must use
Q19: _ 16. A loss is never recognized
Q20: _ 14. The basis limitation rules are
Q25: Briefly explain the three loss limitation rules
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