Answered: All the profits of a sole…

All the profits of a sole proprietorship are taxed as current income of the owner even if they are not withdrawn from the business. * True O False

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

All the profits of a sole
proprietorship are taxed as
current income of the owner
even if they are not withdrawn
from the business. *
O True
O False
O O

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