Owners of a corporation are responsible for reporting the business profits on their personal income taxes.

Name: Owners of a corporation are responsible for reporting the business profits on their personal income taxes.
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Question

Quizplus · Accepted Answer

Corporations are separate legal entities, and their profits are taxed at the corporate level. Owners (shareholders) report income from dividends or salaries on their personal taxes, not the corporation's profits.

Owners of a Corporation Are Responsible for Reporting the Business