A major difference among corporations, proprietorships, and partnerships is that a corporation's income statement reports income tax expense
True or false?
I think it is false.
A major difference among corporations, proprietorships, and partnerships is that a corporation's income statement reports income tax expense
True or false?
I think it is false.
I would say that the statement is true. Partnerships and proprietorships generally don't show an income tax expense.
And that's what my textbook says also, the only one has to count the income tax expense is corporations.
Because in the other two the income is personal income of the owners and therefore they pay the tax on their personal returns.
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