Which of the following entities is taxed as a C corporation and will file Form 1120, U.S. Corporation Income Tax Return?(a) Kenneth, Inc., a pass-through entity taxed at the shareholder level.(b) Plushpuppies, Inc., which has made a valid subchapter S election.(c) Minors Financial, an unincorporated organization formed in 1995. Minors has been filing as a corporation since 1995.(d) Rescue Dogs, Inc., which has been recognized as a tax-exempt organization

The correct answer is: (C) Minors Financial, an unincorporated organization formed in 1995. Minors has been filing as a corporation since 1995. Minors Financial will be taxed as a C corporation and will file Form 1120, U.S. Corporation Income Tax Return.A U.S. corporation files Form 1120, U.S. Corporation Income Tax Return, to report its income, gains, losses, deductions, credits, and to figure its income tax liability. A corporation files Form 1120, U.S. Corporation Income Tax Return, if it is a C corporation. An S corporation, or small business corporation, files Form 1120S. A limited liability company (LLC) that has elected to be taxed as a corporation also files Form 1120.

Answered: Which of the following entities is…

Business

Accounting

Which of the following entities is taxed as a C corporation and will file Form 1120, U.S. Corporation Income Tax Return?

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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