Using the Legend Provided, Classify Each Statement Accordingly

Using the legend provided, classify each statement accordingly.
-Corporations can have both common and preferred stock outstanding.

A) Applies only to the income taxation of C corporations.
B) Applies only to the income taxation of S corporations.
C) Applies to both the income taxation of C corporations and S corporations.
D) Applies to neither the income taxation of C corporations nor of S corporations.

Correct Answer:

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