Which of the following, if any, incorrectly characterize the check-the-box Regulations?
A) A one-owner business is a sole proprietorship if default (no election is made) occurs.
B) A one-owner business can elect to be taxed as a corporation.
C) If default (no election is made) occurs, a limited liability company is taxed as a partnership.
D) The check-the-box Regulations can apply to entities that are already incorporated under state law.
E) None of the above.
Correct Answer:
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