Question: Using the legend provided, indicate which form of business entity each of the following characteristics describes. Some of the characteristics may apply to more than

Using the legend provided, indicate which form of business entity each of the following characteristics describes. Some of the characteristics may apply to more than one form of business entity.
Legend
P = Applies to partnership and LLC
S = Applies to S corporation
C = Applies to C corporation
a. Basis for an ownership interest is increased by an investment by the owner.
b. Basis for an ownership interest is decreased by a distribution to the owner.
c. Basis for an ownership interest is increased by entity profits.
d. Basis for an ownership interest is decreased by entity losses.
e. Basis for an ownership interest is increased as the entity’s liabilities increase.
f. Basis for an ownership interest is decreased as the entity’s liabilities decrease.

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