Double Taxation

1) Which of the following is true of LLC taxation?

A) An LLC is taxed as a corporation in all general cases.

B) An LLC can be taxed only as a partnership.

C) Members of an LLC are subject to double taxation.

D) An LLC is not taxed at the entity level.

2) A panel of persons who are elected by the shareholders that make policy decisions concerning the operation of a corporation is known as ________.

A) legal aides

B) cartel

C) consortium

D) board of directors

3) Which of the following is a function of the state supreme courts?

A) conducting trials related to misdemeanor criminal law

B) hearing appeals from intermediate appellate state courts and certain trial courts

C) conducting trials related to felonies and civil disputes

D) reviewing the judgments and records of the lower courts and ratifying them

4) According to priority, which of the following claimants is the last to be paid after assets have been liquidated of a corporation?

A) creditors

B) common stockholders

C) preferred shareholders

D) bond holders

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