Identify each of the following characteristics as being an advantage, a disadvantage, or not applicable to the corporate form ofbusiness organization.1. Separate legal entity2.Taxable entity resulting in additional taxes3.Continuous life4.Unlimited liability of owners5.Government regulation6. Separation of ownership and management7.Ability to acquire capital8.Ease of transfer of ownership

Separate legal entity (Advantage): One of the key advantages of the corporate structure is that it…

Answered: Identify each of the following…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter16: Property Transactions: Capital Gains And Losses

Section: Chapter Questions

Problem 1CPA

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Distinguish between corporations and sole proprietorshipsin terms of the following characteristics:a. Owners’ liability for debts of the business.b. Transferability of ownership interest.c. Continuity of existence.d. Federal taxation on income.
please answer correct in detail Identify each of the following characteristics as being an advantage or a disadvantage of the corporate form of business or not applicable to the corporate form of business organization. 1. Seperate legal entity 2. Taxable entity resulting in additional taxes 3. Continuous life
Which of the following is not a characteristic of a corporation? a.Corporations experience an ease in obtaining large amounts of resources by issuing stock. b.Corporations are organized as a separate legal taxable entity. c.Ownership is divided into shares of stock. d.A corporation's resources are limited to its individual owners' resources.
The economic entity assumption requires that the activities Select one: a. of a sole proprietorship cannot be distinguished from the personal economic events of its owners. b.of an entity be kept separate from the activities of its owner. c. of different entities can be combined if all the entities are corporations. d.must be reported to the Securities and Exchange Commission.
Which of the following is not a characteristic of a corporation? a.Corporations experience an ease in obtaining large amounts of resources by issuing stock. b.A corporation's resources are limited to its individual owners' resources. c.Ownership is divided into shares of stock. d.Corporations are organized as a separate legal taxable entity.
QUESTION 10 Which of the following is an organizational disadvantage of a corporation? A. Taxable entity B. Separate legal entity C. Relative ease of ownership transfer D. Limited liability of owners
Characteristics of a corporation include a.shareholders who are mutual agents b.direct management by the shareholders (owners) c.shareholders who have limited liability d.its inability to own property
Which of the following characteristics distinguish a corporation from other forms of businesses? I. Centralization of management II. Continuity of life III. Free transferability of ownership interests IV. Limited liability V. Profit motive Oa. Statements I, II, IV, and V are correct. Ob. Statements IV and V are correct. Oc. Statements I, II, III, and IV are correct., Od. All are distinguishing characteristics. Oe. Only statement III is correct.
Which of the following is not considered to be an advantage of a corporation?a. Limited liability of stockholders for the corporation’s debtsb. Continuous lifec. Double taxationd. Ability to raise more capital than a partnership or proprietorship
Which of the following characteristics of a corporation limits a stockholder's loss to the amount of his or her investment in the stock of the corporation? a. Separate legal entity b. Separation of ownership and management c. Transferability of ownership d. Limited liability
Determine if sole proprietorship, partnership, or corporation. Select all that is applicable between the three forms of business. • greater access to financial resources difficult to liquidate or terminate • separate management from ownership
Evaluate the similarities and differences between trusts and corporations. In an attempt to protect income, which would be most suitable for a company?

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