Answered: Which characteristic of a corporation…

Which characteristic of a corporation is a disadvantage? a. Mutual agency b. Double taxation c. Limited liability d. None are disadvantages.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter7: Losses—deductions And Limitations

Section: Chapter Questions

Problem 9DQ

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Question

Which characteristic of a corporation is a disadvantage?

a. Mutual agency

b. Double taxation

c. Limited liability

d. None are disadvantages.

Rules by which an authority (usually a government) imposes a financial obligation on individuals or organizations within its domain. Property or transactions can be taxed. While taxes are primarily intended to fund the operation of a government, many tax laws are created to encourage or discourage certain behaviors by citizens or companies.

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