Module $3$ Exam i

Which statement is true regarding S corporations?

$$

$$

They are considered partnerships yet taxed like corporations as long as they follow regulations.

They cannot have more than $80$ shareholders.

$$ Shareholders do not report profit on their personal income tax forms.

$$ They may be formed under state law.

$$ Income is taxed only when distributed to the shareholders, who must not report the income on their personal income tax forms.

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