A corporation that elects to be taxed as a partnership is best described as:
A) C corporation
B) limited liability company
C) subchapter S corporation
D) None of these describe corporations that are taxed as partnerships

Question

Quizplus · Accepted Answer

Subchapter S corporations are allowed to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes, similar to partnerships, avoiding double taxation.

A Corporation That Elects to Be Taxed as a Partnership