11. Which one of the following is not a deductible expense incomputing partnership ordinary income?
a. Guaranteed payments to partners
b. Salaries and wages other than to partners
c. Investment interest
d. Contributions to employee benefit plans
e. All of the above are deductible in computing partnershipordinary income
12. Which one of the following expenses is deductible incomputing partnership ordinary income?
a. Interest expense on a business loan
b. Capital losses
c. Charitable contributions
d. Foreign taxes paid
e. All of the above are deductible in computing partnershipordinary income
13. Which of the following types of businesses would not beconsidered as a flow-through entity?
a. LLP
b. LLC
c. S corporations
d. C corporations
e. None of the above
14. Which one of the following income or expense items isincluded in the calculation of partnership ordinary income?
a. Dividend income
b. Rental income from real estate
c. Charitable contributions
d. Cost of goods sold
e. None of the above
15. If a corporation wants to make an S election for the currentyear, by what date must the election be made?
a. Within the first 30 days of the current tax year
b. Within the first 60 days of the current tax year
c. By the end of the current tax year
d. Within the first 2 1/2 months of the current tax year
e. By the first day of the current tax year
16. The normal filing date for a calendar-year S corporation is____________.
17. Every partnership doing business within the U.S. files theinformational return Form ____________.
18. Single taxpayers who actively participates in a partnershipreport his/her share of partnership profits or losses frompartnership income on Schedule____ and Form _______ on theirindividual income tax return.
11. Which one of the following is not a deductible expense incomputing partnership ordinary income?
a. Guaranteed payments to partners
b. Salaries and wages other than to partners
c. Investment interest
d. Contributions to employee benefit plans
e. All of the above are deductible in computing partnershipordinary income
12. Which one of the following expenses is deductible incomputing partnership ordinary income?
a. Interest expense on a business loan
b. Capital losses
c. Charitable contributions
d. Foreign taxes paid
e. All of the above are deductible in computing partnershipordinary income
13. Which of the following types of businesses would not beconsidered as a flow-through entity?
a. LLP
b. LLC
c. S corporations
d. C corporations
e. None of the above
14. Which one of the following income or expense items isincluded in the calculation of partnership ordinary income?
a. Dividend income
b. Rental income from real estate
c. Charitable contributions
d. Cost of goods sold
e. None of the above
15. If a corporation wants to make an S election for the currentyear, by what date must the election be made?
a. Within the first 30 days of the current tax year
b. Within the first 60 days of the current tax year
c. By the end of the current tax year
d. Within the first 2 1/2 months of the current tax year
e. By the first day of the current tax year
16. The normal filing date for a calendar-year S corporation is____________.
17. Every partnership doing business within the U.S. files theinformational return Form ____________.
18. Single taxpayers who actively participates in a partnershipreport his/her share of partnership profits or losses frompartnership income on Schedule____ and Form _______ on theirindividual income tax return.
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Related questions
Hayden and Hedvig share equally in the profits, losses, and capital of the accrual basis HH LLC. Hayden is the managing member of the LLC (treated as a general partner) and is a U.S. citizen. At the beginning of the current tax year, Hayden's capital account has a balance of $1,420,000, and the LLC has recourse debts of $412,000 payable to unrelated parties. All partnership recourse debt is shared equally between the partners. The following information about HH's operations for the current year is obtained from the entity's records: Ordinary income $2.800,000 Interest income from P&G bond 122,000 Long-term capital loss 56,000 Short-term capital gain 110,000 Charitable contribution 36,800 Cash distribution to Hayden 209,000 Year-end LLC debt payable to unrelated parties is $376,000. If all transactions are reflected in his beginning capital and basis in the same manner:
| Ordinary income | $2.800,000 |
| Interest income from P&G bond | 122,000 |
| Long-term capital loss | 56,000 |
| Short-term capital gain | 110,000 |
| Charitable contribution | 36,800 |
| Cash distribution to Hayden | 209,000 |
a. Hayden's basis in the LLC interest at the beginning of the year is $.
b. Hayden's basis in the LLC interest at the end of the current year is $
