🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION →
Log in
Accounting
5
answers
0
watching
43
views
13 Dec 2019

Partnership and S corporation returns:

A) Carry their NOLs back ten years.

B) Do not carry NOLs back or forward.

C) Have a choice of carrying their NOLs back three, four, or five years instend of the default two years.

D) Carry forward their NOLs 15 years.

Watch
5
answers
0
watching
43
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Unlock all answers

Get 1 free homework help answer.
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Jamar Ferry
Jamar FerryLv2
17 Dec 2019
Get unlimited access
Already have an account? Log in
Share

Related questions

After you have completed a return and determined that the taxpayer has a NOL, what is the next step for claiming a NOL?

a. deduct the NOL in the carryback or carryforward year

b. determine the amount of the taxpayer's unused NOL

c. decide either to carry the NOL back to a past year or to waive the carryback period and carry the NOL forward to a future year.

d. carry over the unused NOL to the next carryback or carryforward year


True or False: a. In terms of depreciation tax policy, a “see-through building” is one that is mostly made of glass. b. Donnie sells a recording studio to his sister, Marie, for $300,000, which is its appraised value. Donnie purchased the property five years ago for $600,000, and has taken $200,000 in depreciation deductions on the property. The sale is at arms-length and is for cash. Donnie is unable to claim his $100,000 loss from the sale currently but can carry the loss forward and apply it against capital gains he incurs in future years. c. Real property is always depreciated using the straight-line method. d. Cost segregation studies are used to determine which IRC section 1250 components of a depreciable building are eligible for faster depreciation than is the structure itself. e. Disallowed passive losses and credits under IRC section 469 are carried forward and generally may be used to offset passive income in a subsequent tax year.

F contributes cash of $7,500 and land worth $52,500 (basis of $16,500) to an entity for a 75% ownership interest in the entity, which was created three years ago by G who had contributed $15,000 cash back then. What is F's recognized gain or loss and what is F's basis in the ownership of this entity if the entity is (a) an S-corporation, (b) a partnership, and (c) a C-corporation?

Weekly leaderboard

Home
Homework Help 3,900,000
Accounting 580,000
Start filling in the gaps now
Log in