which of the following is not a "relative" under the constructive ownership rules?
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which of the following is not a "relative" under the constructive ownership rules? A. 60 percent owned corporation. B. A sister. C. A
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- Which of the following is not part of decedent’s interest for estate tax purposes? A. Income that have accrued after the death of the decedent.B. Partnership profits that have accrued before the death of partner.C. Proceeds of life insurance policy payable to a revocable beneficiary.D. Dividends declared by a corporation before death of stockholder although paid after death, if thedecedent was living on the record date.Which of the following statements regarding income recognition is true? A. Owners in a regular corporation realize entity level income at the time the income is earned. B. Owners of an S corporation realize entity level income in the tax year in which the S corporation's year ends. C. Partnership income is recognized in the year in which it is distributed to the partners. D. Sole proprietorship income is recognized at the time the income is distributed to the owner.Which of the following is true with respect to the related party rules? a.A disallowed loss on a related party transaction can be used to offset any future gain when the property is sold to an unrelated party. b.Bill sells stock to his sister for a $3,000 loss. Bill can deduct the loss on his tax return. c.A taxpayer's uncle is a related party for purposes of Section 267. d.Under the constructive ownership rules of Section 267, a shareholder owns 10 percent of the stock owned by a corporation in which he or she is a shareholder. e.None of these choices are correct.
- Which of the following are interests that must go through probate? A residence that goes to the decedent's spouse and children according to the intestate succession statute Shares of stock bequested to the decedent's brother A bond that is community property, which passes to the surviving spouse Life insurance proceeds payable to the decedent's spouse A) I and IV B) I, II, and III C) II only D) II and IIIWhich of the following are characteristics of tenancy by the entirety (TBE) form of property ownership? More than two people can own property in TBE form. Tenants own property equally regardless of contribution. Each tenant becomes the owner of the other tenant's interest at the other tenant's death. Each tenant can convey their interest without the consent of the other. A) I, III, and IV B) III and IV C) I and II D) II and IIIPartnership(taxation) Assume that all partnership interests expressed as percentages are those percentages of both profits/losses and capital. Assume that all liabilities are recourse. a) Three individuals, C, D, and E, form CDE LLC. CDE LLC does not "check the box" to become a corporation and therefore is treated as a partnership for tax purposes. C contributes land, AB 70 FMV 100 and cash of 20. D contributes inventory (in the hands of both D and CDE), AB 50 FMV 120. E contributes services. In exchange, each partner receives a 1/3 interest in the LLC. What are the consequences to all of the parties? (b) Same as (a) except that C's land is subject to an assumable mortgage of 30 and has a FMV of 130
- The following are exclusive property under the system of conjugal partnership of gains, which is not? Property before marriage Inheritance during marriage Property acquired during marriage out of exclusive money Rental income on a property acquired before marriageWhich of the following is correct? a.A partnership is a reporting entity but not a taxable entity. b.A partnership is a taxable entity and a reporting entity. c.A corporation is a reporting entity but not a taxable entity. d.An individual is a reporting entity but not a taxable entity.LO.2, 4, 7, 8 Describe how a partnership reports its income for tax purposes. Who makes most elections related to partnership income and deductions? Compare the treatment of the business interest expense limitation versus the qualified business income deduction. What theories underly this treatment?
- Louie P 325,000 117,000 25,000 12,000 15,000 10,000 Floyd P 380 0 105 0 20.000 8290 Personal Income/Expenses of the heirs: Gross Income Deductible expenses Dividend from domestic corporation Dividend from foreign corporation Prize, supermarket raffle Royalty, books 18.000 MU 1. Additional Information: without dependent children. Required: Determine the following: 1. Income tax payable of the estate 2. Income tax payable of Louie 3. Income tax payable of Floyd P4.3. (Trust) favor of Pedro. The following data were provided: Gross income of the trust Deductible business expenses of the trust Income distributed to Pedro during the year Dividend income from domestic corporation Dividend income from resident foreign corporation Interest income from U.S. $ deposits Interest income from peso deposits P3,000,000 1,800,000 200,000 100,000 100,000 200,000 100,000 Personal Income and Expenses of Pedro Compensation income Rental income (net) Rental expenses Royalty income, books Other royalty…Which of the following is correct? a.A partnership is a reporting entity but not a taxable entity. b.An individual is a reporting entity but not a taxable entity. c.A corporation is a reporting entity but not a taxable entity. d.A partnership is a taxable entity and a reporting entity.Which of the following regarding partnership taxation is INCORRECT? Question 16 options: A partnership is a tax paying entity for Federal income tax purposes. Partnership income is comprised of ordinary partnership income or loss and separately stated items A partnership is required to file a return with the IRS. A partner’s profit-sharing percent may differ from the partner’s loss-sharing percent. All of these statements are correct.
