Question

which type of corporation has no assessment of tax on income?
○ nonprofit corporation
○ limited liability corporation
○ c corporation
○ s corporation

Explanation:

Nonprofit corporations are organized for purposes other than generating profit, and they are typically exempt from income tax as their earnings are used for their exempt purposes (like charitable, educational, etc.). Limited liability corporations, C corporations, and S corporations are subject to income tax (either at the corporate level or passed through to shareholders for taxation).

Answer:

A. nonprofit corporation