Which of the following statements is incorrect about the check-the-box Regulations?
a. A limited liability company with more than one owner can elect to be taxed as a corporation.
b. If a limited liability company with one owner does not make an election, the entity is taxed as a sole proprietorship.
c. If a limited liability company with more than one owner does not make an election, the entity is taxed as a partnership.
d. A limited liability company with one owner can elect to be taxed as a corporation.
e. An entity with more than one owner and formed as a corporation can elect to be taxed as a partnership.