Elance Exams Answers PDF file

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Which of the following statements with respect to an S corporation is false?

S corporation losses are deductible by the owners against their ordinary taxable income (assuming the owner has a sufficient tax basis in the investment).
An S corporation can be a shareholder of another corporation.
Tax-exempt income earned by an S corporation is taxable at the shareholder level.
S corporations do not pay income tax on their earned income.
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