Which of the following statements is true regarding Subchapter S firms? a)These firms are liable to...

Which of the following statements is true regarding Subchapter S firms?

a)These firms are liable to pay federal income taxes.

b)These firms cannot have more than 100 shareholders.

c) These firms need to pass-through at least half of their earnings to their shareholders.

d) Income from these firms is tax-exempt for its shareholders.

e) All of the options are true for Subchapter S firms.

Expert Solution

Answer: b) These firms cannot have more than 100 shareholders.

S corporation- It can be made by individuals or trust, it has only one class of stock, It passes corporate income, losses and deduction through to shareholders for federal tax purpose. Benefit of S corporation is to avoid double taxation on income.

S corporation cannot have more than 100 shareholders.

jeff jeffy answered 2 years ago

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