Flow-through entities do not have to file tax returns since they are not taxable entities.
Answer the following statement true (T) or false (F)
False
S Corporations, partnerships and limited liability companies have to file an informational tax return each year.
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Distributions to owners increase equity and investments by owners decrease equity
Indicate whether the statement is true or false
Which of the following facts would require a lessee to classify a lease as a capital lease?
A) The lease term is 85% of the estimated economic life of the leased property. B) The present value of the minimum lease payments is 85% of the fair market value of the leased property to the lessor, less any investment tax credit accruing to the lessor. C) The lease contains a purchase option. D) There are no important uncertainties about the amounts of unreimbursable costs.
A partnership need not obtain permission from the state before it legally conducts business
Indicate whether the statement is true or false
Which of the following is NOT part of the business market?
A) Scott Sign Systems sells interior signs to an Alabama resort. B) A municipal government buys chemicals for its city swimming pools. C) Sue buys a gift for her mother. D) A Canadian software company buys tickets to send a group of salespeople to make a presentation to a heavy equipment manufacturer in Japan. E) Airmark sells a vinyl printing press to a manufacturer of plastic bags.