Homework Answers
In Form 1065,
Ordinary Income from other partnership is reported in Line 4.
Explanation:
Form 1065 is an IRS form which is used to report deduction, income, gains, losses, and tax credits associated with partnerships
Form 1065 reports income from partnerships and it is sent to other partners so that they can include income in their personal tax returns.
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Question 34 of 75. When a partner has an ownership interest in a partnership different from...
When partnership a owns interest in a separate partnership ordinary income from partnership b is reported...
When partnership a owns interest in a separate partnership ordinary income from partnership b is reported where on partnership a form 1065
partnerships Question 18 of 75. Betty and Alan,each own 25% of partnership BAB. On October 15,...
partnerships Question 18 of 75. Betty and Alan,each own 25% of partnership BAB. On October 15, 2016. Detty partner. C October 15, 2016. O October 16, 2017 O January 31, 2017, O The partnership does not terminate. On October 16, 2017, Alan sells his interest to Bob. When does the partnership terminate sells her interest to Bob, who is 50% Mark for follow up Question 19 of 75. Which of the following is a self-employment item listed on Schedule K...
Question 34 of 75. Zarah sold her interest in a partnership for $15,000 cash when her...
Question 34 of 75. Zarah sold her interest in a partnership for $15,000 cash when her outside basis was $6.500. She was relieved the $30,000 share of partnership liabilities. What is Zarah's recognized gain or loss from the sale of her partnership interest? $10,000 $15.000 $40,000 $45,000 •wrong in Test Mark for follow up in less
Question 17 of 75. Which of the following accurately describes a general partner in a partnership?...
Question 17 of 75. Which of the following accurately describes a general partner in a partnership? O A partner who is personally liable for partnership debts only up to the amount of money or other property that the partner contributed to the partnership. O A partner OA partner who is personally liable for partnership debts. nonrecourse loans O A partner who adheres to generally accepted accounting principals Mark for follow up
Question 19 of 75. Dione is a general partner who owns 50% Interest in Love First...
Question 19 of 75. Dione is a general partner who owns 50% Interest in Love First Enterprises. Sammy is a limited partner who also owns 50%. The partnership has $50,000 in recourse liabilities and $20,000 in nonrecourse liabilities. What is Dione's total share of liabilities? $35,000 $45,000 $60,000 $70,000 Mark for follow up Question 20 of 75. For the tax year, ABC partnership reported a $68,000 ordinary loss and a $30,000 increase in recourseliabilities for which the partners are able...
ne per Distributions of money and the adjusted basis of other property distributed to the partner...
ne per Distributions of money and the adjusted basis of other property distributed to the partner Mark for follow up Question 30 of 75. Linda is a 50% partner in Deacon's Deli. She is to receive a guaranteed payment of $20.000. Wt the partnership's ordinar income before deducting the guaranteed payment is $70,000, what is Linda's distributive share of ordinary income? $15,000 $20,000 $25,000 $35,000 wrong iniest Mark for follow up uestion 31 of 75. son sold his interest in...
Mark for follow up Question 32 of 75. Permanent adjustments on Schedule M-1 (Form 1065) include:...
Mark for follow up Question 32 of 75. Permanent adjustments on Schedule M-1 (Form 1065) include: Depreciation, amortization, and depletion. Government penalties paid, political expenses, and 50% of deductible meals. Political expenses, depreciation, and 50% of deductible meals. 50% of meals and 100% of entertainment, depletion, and government penalties paid Mark for follow up Question 33 of 75. On a partner's Schedule K-1, Item L: lers basis in the partnership Mark for follow up Question 34 of 75. All of...
Question 68 of 75. Interest income is reported as dividend income on Form 1099-DIV when it...
Question 68 of 75. Interest income is reported as dividend income on Form 1099-DIV when it comes from O A mutual fund. O An insurance policy OA corporate bond. 0 A m unicipal bond. □Mark for follow up We were unable to transcribe this image
Question 25 of 75 Lara is a 50% partner in Dana's Deli. She is to receive...
Question 25 of 75 Lara is a 50% partner in Dana's Deli. She is to receive a guaranteed payment of S20.000. If the partnership's ordinary income before deducting the guaranteed payment is $50,000, what is Lara's distributive share? O $20,000 O $25,000 o $35,000 Mark for follow up
Question 23 of 75 Lara is a 50% partner in Dana's Deli. She is to receive...
Question 23 of 75 Lara is a 50% partner in Dana's Deli. She is to receive a guaranteed payrment of $20,000. If the partnership's ordinary income before deducting the guaranteed payment is $50,000, what is Lara's distributive share? O $15,000 O $20,000 O $25,000 o $35,000 □Mark for follow up
partnerships Question 18 of 75. Betty and Alan,each own 25% of partnership BAB. On October 15, 2016. Detty partner. C October 15, 2016. O October 16, 2017 O January 31, 2017, O The partnership does not terminate. On October 16, 2017, Alan sells his interest to Bob. When does the partnership terminate sells her interest to Bob, who is 50% Mark for follow up Question 19 of 75. Which of the following is a self-employment item listed on Schedule K...
Question 34 of 75. Zarah sold her interest in a partnership for $15,000 cash when her outside basis was $6.500. She was relieved the $30,000 share of partnership liabilities. What is Zarah's recognized gain or loss from the sale of her partnership interest? $10,000 $15.000 $40,000 $45,000 •wrong in Test Mark for follow up in less
Question 17 of 75. Which of the following accurately describes a general partner in a partnership? O A partner who is personally liable for partnership debts only up to the amount of money or other property that the partner contributed to the partnership. O A partner OA partner who is personally liable for partnership debts. nonrecourse loans O A partner who adheres to generally accepted accounting principals Mark for follow up
Question 19 of 75. Dione is a general partner who owns 50% Interest in Love First Enterprises. Sammy is a limited partner who also owns 50%. The partnership has $50,000 in recourse liabilities and $20,000 in nonrecourse liabilities. What is Dione's total share of liabilities? $35,000 $45,000 $60,000 $70,000 Mark for follow up Question 20 of 75. For the tax year, ABC partnership reported a $68,000 ordinary loss and a $30,000 increase in recourseliabilities for which the partners are able...
ne per Distributions of money and the adjusted basis of other property distributed to the partner Mark for follow up Question 30 of 75. Linda is a 50% partner in Deacon's Deli. She is to receive a guaranteed payment of $20.000. Wt the partnership's ordinar income before deducting the guaranteed payment is $70,000, what is Linda's distributive share of ordinary income? $15,000 $20,000 $25,000 $35,000 wrong iniest Mark for follow up uestion 31 of 75. son sold his interest in...
Mark for follow up Question 32 of 75. Permanent adjustments on Schedule M-1 (Form 1065) include: Depreciation, amortization, and depletion. Government penalties paid, political expenses, and 50% of deductible meals. Political expenses, depreciation, and 50% of deductible meals. 50% of meals and 100% of entertainment, depletion, and government penalties paid Mark for follow up Question 33 of 75. On a partner's Schedule K-1, Item L: lers basis in the partnership Mark for follow up Question 34 of 75. All of...
Question 68 of 75. Interest income is reported as dividend income on Form 1099-DIV when it comes from O A mutual fund. O An insurance policy OA corporate bond. 0 A m unicipal bond. □Mark for follow up We were unable to transcribe this image
Question 25 of 75 Lara is a 50% partner in Dana's Deli. She is to receive a guaranteed payment of S20.000. If the partnership's ordinary income before deducting the guaranteed payment is $50,000, what is Lara's distributive share? O $20,000 O $25,000 o $35,000 Mark for follow up
Question 23 of 75 Lara is a 50% partner in Dana's Deli. She is to receive a guaranteed payrment of $20,000. If the partnership's ordinary income before deducting the guaranteed payment is $50,000, what is Lara's distributive share? O $15,000 O $20,000 O $25,000 o $35,000 □Mark for follow up
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