Advanced Tax C239| Questions with 100% correct Answers | Verified

Articles of corporation - a document filed by a corporation founders with the state, describing the purpose, place of business, and other details Certificate of organization - a document filed by a limited liability company's founders with certain states, describing the purpose, place of business and other details. Initial Public Offering (IPO) - The first public offering of a corporation's stock. Flow-through entities - legal entities like partnerships, limited liability companies, and S corporations that do not pay income tax. Income and losses from flow-through entities are allocated to their owners. C Corporation - a corporation taxpaying entity with income subject to taxation, Subchapter C of the internal Revenue Code S Corporation - A corporation under state law that elected to be taxed under the rules provided in Subchapter S of the Internal Revenue Code. The S Corporation is taxed as flow-through entity. Disregarded entities - unincorporated entity with one owner that is considered to be the same entity as the owner Single-member LLC - a limited liability company with only one member. Single-member LLC's with individual owners are taxed as sole proprietorships and as disregarded entities otherwise What form does C corporation file for income? - Income reported Form 1120 What form does S corporation file for income? - Income reported on Form 1120S