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Which of the following statements is corr a. C corporations pay a single level of tax on cor b. C corporations pay tax at 21% and the shareho- c. Partners pay a single tax on their distributive sh d. Partners pay tax on their distributive shares of

Which of the following statements is corr a. C corporations pay a single level of tax on cor b. C corporations pay tax at 21% and the shareho- c. Partners pay a single tax on their distributive sh d. Partners pay tax on their distributive shares of

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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Which of the following statements is correct regarding partnership or C corporation tax rates? a. C corporations pay a single level of tax on corporate income at rates up to 35%. b. C corporations pay tax at 21% and the shareholders pay a second tax of 37% when dividends are distributed. c. Partners pay a single tax on their distributive shares of income at the tax rate that applies to the partner. Od. Partners pay tax on their distributive shares of income at 37%. O O O
Transcribed Image Text:Which of the following statements is correct regarding partnership or C corporation tax rates? a. C corporations pay a single level of tax on corporate income at rates up to 35%. b. C corporations pay tax at 21% and the shareholders pay a second tax of 37% when dividends are distributed. c. Partners pay a single tax on their distributive shares of income at the tax rate that applies to the partner. Od. Partners pay tax on their distributive shares of income at 37%. O O O
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