Question: Determine whether the following statements are true or false. ItemDescriptionAnswer 1 . A limited liability company is generally treated like a corporation for federal income

Determine whether the following statements are true or false.
ItemDescriptionAnswer1.A limited liability company is generally treated like a corporation for federal income tax purposes.
TrueFalse
2.A general partner is required for a limited liability company.
TrueFalse
3.Tax attributes of an LLC transaction pass through to the owners of the LLC.
TrueFalse
4.Owners of an LLC can participate in the management of the LLC business.
TrueFalse
5.Debt of an LLC is generally treated as recourse debt and thus included in a member's basis computations.
TrueFalse

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