Which of the following best describes how a corporation,which has not made any special tax elections,and its shareholders,are taxed?
A) The corporation is not taxed,but the shareholders are taxed on their dividends.
B) The corporation is taxed,but the shareholders are not taxed on their dividends.
C) The corporation is taxed,and the shareholders are taxed on their dividends.
D) Neither the corporation nor its shareholders are taxed.
E) They are taxed as a partnership is taxed.
Correct Answer:
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