Solved: What are the tax consequences, Accounting Basics

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What are the tax consequences

Question: Bruce and Bob organize Black LLC on May 10 of the current year. What is the entity's default taxclassification ? Are any alternative classification(s) available ? If so, (1) how do Bruce and Bob elect the alternative classification(s) and (2) what are the tax consequences of doing so ?

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Accounting Basics: What are the tax consequences

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