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r federal income tax purposes, a partnership is A taxable entity. Treated the same as an S corporation. Required to distribute profits to the partners to avoid ta OA. O B. O C.

r federal income tax purposes, a partnership is A taxable entity. Treated the same as an S corporation. Required to distribute profits to the partners to avoid ta OA. O B. O C.

FINANCIAL ACCOUNTING
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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For federal income tax purposes, a partnership is O A. OB. O C. O D. A taxable entity. Treated the same as an S corporation. Required to distribute profits to the partners to avoid tax liability. A nontaxable entity.
Transcribed Image Text:For federal income tax purposes, a partnership is O A. OB. O C. O D. A taxable entity. Treated the same as an S corporation. Required to distribute profits to the partners to avoid tax liability. A nontaxable entity.
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