QUESTION 8Treasure, Inc. Is a corporation with 50 shareholders, all U.S. citizens, but it is taxed like a partnership. Treasure, Inc. isO a. a nonprofit corporation.O b. a tax-free entity.Oc. a benefit corporation.Od.an S corporation.QUESTION 9All of the following are reasons a court might "pierce the corporate veil" and hold shareholders personally liable for corporate debts exceptO a. the corporation has not declared a dividend.O b. corporate formalities are not followed.O. personal and corporate assets are mixed together.Od.the corporation is not set up to make a profit and is too thinly capitalized.

Under partnership, income or losses are passed to the partners for tax purposes. The partners report…

QUESTION 8 Treasure, Inc. Is a corporation with 50 shareholders, all U.S. citizens, but it is taxed like a partnership. Treasure, Inc. Is Oa. a nonprofit corporation. Ob.a tax-free entity. Oca benefit corporation. Od.an S corporation.

QUESTION 8 Treasure, Inc. Is a corporation with 50 shareholders, all U.S. citizens, but it is taxed like a partnership. Treasure, Inc. Is Oa. a nonprofit corporation. Ob.a tax-free entity. Oca benefit corporation. Od.an S corporation.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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