Which federal tax return does an LLC (Limited Liability Company) file? Multiple Choice Form 1120S It...
Which federal tax return does an LLC (Limited Liability Company) file?
Multiple Choice Form 1120S It depends upon how the LLC chooses to be treated for tax purposes Form 1065 Form 1040 Schedule C
Homework Answers
LLC tax return depends on how an LLC chooses to be treated for tax purposes i.e., either as a sole proprietor, partnership or corporation.
So the answer is Option B.
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Which federal tax return does an LLC (Limited Liability Company)
file?
Multiple Choice Form 1120S It...
Identify which of the following statements is false. A) An S corporation files a Form 1120S...
Identify which of the following statements is false. A) An S corporation files a Form 1120S corporate income tax return on or before the 15th day of the fourth month following the close of its tax year. B) An S corporation's ordinary income or loss is reported by an individual shareholder on Schedule E of Form 1040. C) An S corporation that owes the built-in gains tax or the excess net passive income tax must make quarterly estimated tax payments....
6. R and J form an LLC, which is treated as a partnership for income tax...
6. R and J form an LLC, which is treated as a partnership for income tax purposes. R transfers cash of $200 to the LLC in return for a 50% ownership interest. J transfers land with a tax basis of $140 and a fair market value of $200 in return for a 50% ownership interest in the LLC. Four years later the LLC sells the land that was contributed by J. The selling price was $230. How is the LLC's...
The income and expenses of a corporation for federal income tax purposes are referred to as...
The
income and expenses of a corporation for federal income tax
purposes are referred to as what type of income
Question 1 of 75. The income and expenses of a corporation for federal income tax purp O Book. O Nontaxable. O Accounting. Tax. □ Mark for follow up Question 2 of 75. The Form 1120S balance sheet is presented on what schedule? 0 Schedule J. Schedule K. O Schedule L O Schedule M-2 Mark for follow up Question 3 of...
12. Which item does NOT appear on Schedule K of Form 1120S? a. Intangible drilling costs...
12. Which item does NOT appear on Schedule K of Form 1120S? a. Intangible drilling costs b. Foreign loss c. Utilities expense. d. Recovery of a tax benefit. e. All of the above items appear on Schedule K.
1. R and J form an LLC, which is treated as a partnership for income tax...
1. R and J form an LLC, which is treated as a partnership for income tax purposes. R transfers cash of $500 to the LLC in return for a 50% ownership interest in the LLC. J transfers land with an adjusted basis of $380 and a fair market value of $500 in return for a 50% ownership interest in the LLC. a. What is R's amount realized? b. What is J's amount realized? c. What is R's gain/loss realized? d....
bank del Describe the bus filing (e-filing! QUESTIONS and PROBLEMS LO 1.1 GROUP 1: MULTIPLE CHOICE...
bank del Describe the bus filing (e-filing! QUESTIONS and PROBLEMS LO 1.1 GROUP 1: MULTIPLE CHOICE QUESTIONS 1. Which of the following recent tax changes is not scheduled to expire after 20252 a. Suspension of personal exemptions b. General lowering of individual tax rates c. Restrictions on the deduction of casualty and theft losses d. Reduction of corporate tax rates to 21 percent 2. Which of the following tax forms are used by individuals in 2019? a. 1040A b. 1040-EZ...
15. Ben is married and in 2019 will file a joint federal income tax return with...
15. Ben is married and in 2019 will file a joint federal income tax return with his wife, Gerri. They have twin sons, age 18, who qualify as their dependents, and no other children. Their taxable income in 2019 is $425.000, all of which is ordinary income. Using the federal tax rate schedules for 2019. Ben and Gerri's gross federal income tax liability for 2019 (before any additional taxes or tax credits) will be: A. $96,197 B. $99,137 C. $100,129...
Which of the following transactions would create a deferred tax liability on foreign income? Multiple Choice...
Which of the following transactions would create a deferred tax liability on foreign income? Multiple Choice A U.S. company sells its products in a foreign country AU.S. company earns income in a different country and pays the foreign government an income tax less than the U.S. corporate tax rate. A U.S.company cams Income in a foreign country that it does not expect to repatriate back to the US. A foreign-based company sells its products to customers in the US
In which of the following ways is a limited liability company like a corporation? 0 A....
In which of the following ways is a limited liability company like a corporation? 0 A. It was created and developed first in the United States. O B. It can choose to be considered a partnership for tax purposes. O C. Its owners' liability is restricted to their investment. 0 D. It is directly managed by the owners.
How is goodwill amortized? Multiple Choice It is not amortized for reporting purposes or for tax...
How is goodwill amortized? Multiple Choice It is not amortized for reporting purposes or for tax purposes. ) It is not amortized for reporting purposes, but is amortized over a 5-year life for tax purposes. It is not amortized for tax purposes, but is amortized over a 5-year life for reporting purposes. Oo oo C ) It is not amortized for tax purposes, but is amortized over a 15-year life for reporting purposes. It is not amortized for reporting purposes,...
6. R and J form an LLC, which is treated as a partnership for income tax purposes. R transfers cash of $200 to the LLC in return for a 50% ownership interest. J transfers land with a tax basis of $140 and a fair market value of $200 in return for a 50% ownership interest in the LLC. Four years later the LLC sells the land that was contributed by J. The selling price was $230. How is the LLC's...
The
income and expenses of a corporation for federal income tax
purposes are referred to as what type of income
Question 1 of 75. The income and expenses of a corporation for federal income tax purp O Book. O Nontaxable. O Accounting. Tax. □ Mark for follow up Question 2 of 75. The Form 1120S balance sheet is presented on what schedule? 0 Schedule J. Schedule K. O Schedule L O Schedule M-2 Mark for follow up Question 3 of...
12. Which item does NOT appear on Schedule K of Form 1120S? a. Intangible drilling costs b. Foreign loss c. Utilities expense. d. Recovery of a tax benefit. e. All of the above items appear on Schedule K.
1. R and J form an LLC, which is treated as a partnership for income tax purposes. R transfers cash of $500 to the LLC in return for a 50% ownership interest in the LLC. J transfers land with an adjusted basis of $380 and a fair market value of $500 in return for a 50% ownership interest in the LLC. a. What is R's amount realized? b. What is J's amount realized? c. What is R's gain/loss realized? d....
bank del Describe the bus filing (e-filing! QUESTIONS and PROBLEMS LO 1.1 GROUP 1: MULTIPLE CHOICE QUESTIONS 1. Which of the following recent tax changes is not scheduled to expire after 20252 a. Suspension of personal exemptions b. General lowering of individual tax rates c. Restrictions on the deduction of casualty and theft losses d. Reduction of corporate tax rates to 21 percent 2. Which of the following tax forms are used by individuals in 2019? a. 1040A b. 1040-EZ...
15. Ben is married and in 2019 will file a joint federal income tax return with his wife, Gerri. They have twin sons, age 18, who qualify as their dependents, and no other children. Their taxable income in 2019 is $425.000, all of which is ordinary income. Using the federal tax rate schedules for 2019. Ben and Gerri's gross federal income tax liability for 2019 (before any additional taxes or tax credits) will be: A. $96,197 B. $99,137 C. $100,129...
Which of the following transactions would create a deferred tax liability on foreign income? Multiple Choice A U.S. company sells its products in a foreign country AU.S. company earns income in a different country and pays the foreign government an income tax less than the U.S. corporate tax rate. A U.S.company cams Income in a foreign country that it does not expect to repatriate back to the US. A foreign-based company sells its products to customers in the US
In which of the following ways is a limited liability company like a corporation? 0 A. It was created and developed first in the United States. O B. It can choose to be considered a partnership for tax purposes. O C. Its owners' liability is restricted to their investment. 0 D. It is directly managed by the owners.
How is goodwill amortized? Multiple Choice It is not amortized for reporting purposes or for tax purposes. ) It is not amortized for reporting purposes, but is amortized over a 5-year life for tax purposes. It is not amortized for tax purposes, but is amortized over a 5-year life for reporting purposes. Oo oo C ) It is not amortized for tax purposes, but is amortized over a 15-year life for reporting purposes. It is not amortized for reporting purposes,...
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