the excess business loss rule applies to partnership and s corp(rather than partners and shareholders) true or false
the excess business loss rule applies to partnership and s corp(rather than partners and shareholders) true...
QUESTION 14 A partnership is automatically dissolved upon the death of one of the partners. True False QUESTION 12 S-Corps and C-Corps have stock that carries a par value. O True O False
1. The limited liability company may elect to be manager-managed rather than member-managed, which means that only authorized members may legally bind the corporation. a. True b. False 2. A corporation is a separate entity for accounting purposes but not for legal purposes. a. True b. False — 3. When compared to a corporation, one of the major disadvantages of the partnership is its limited life. a. True b. False _ 4. Each partner may withdraw the assets he or...
d. Only a and c. All of the above trusts are eligible to be S corporation shareholders. e. 8. Bill Burns and Bob Smarts were two partners in B&B, a calendar year partnership. B&B Partnership had an Bill is 60% and Bob is 40% owner of this income of $300,000 in 2018. The partnership had distributed half of the income to its partners in 2018. How much may Bob Smarts report on his individual tax return as his share of...
TRUE OR FALSE PLEASE HELP 1. A new partner cannot be admitted into a partnership without the consent of all the partners, 2. A partnership may be dissolved without being liquidated. 3. When a new partner is given 30% interest in a partnership, he will receive 30% of all future profits and losses, 4. When a partner leaves a partnership, it is possible that total assets will be unaffected. S. A person admitted as a partner into an existing partnership...
which is true of an S corporation? a. there can be no more than 50 shareholders b. there can only be one class of stock c. a majority of shareholders must agree the company should be an S corporation d. all the above
true or false 65. A ratio expressed in fraction, proportion, or percentage which guides the partners in allocating the final result of operation of the business is called profit and loss ratio. 66. Allowance for Doubtful Accounts is debited when the partners want to increase the fair value of various fixed asset accounts 67. In revaluation transactions, Accumulated Depreciation is debited to increase the carrying amount of a mixed asset. T 68. Giving salary allowance to all partners is a...
Question 23 S corporations must allocate income to shareholders based on their proportionate stock ownership. True False A sole proprietor is required to use the same reporting period for both business and individual tax information. True False The transferor's holding period for any boot property received in a Sec. 351 stock exchange includes the holding period for the boot transferred. begins on the day of the exchange. is the same as the holding period of the stock received in the...
1) The "Profit-Max/Loss-Min/Shutdown Rule" applies to: Group of answer choices Pure Monopoly only Perfect Competition only Most market structures All market structures 3) A firm in a monopoly market structure always operates at an economic profit. Group of answer choices True False 4) Comparing monopoly and competitive market structures, "Deadweight Loss" refers to: Group of answer choices Underground markets developing to supply the monopoly good. Shortages caused by high monopoly pricing. The production gap resulting from under-allocation of resources. Surpluses...
to forms of business EL.3 (LO 2) C Listed below are several statements regarding different forms of business organization. Instructions For each statement, indicate if that statement is true or false for each of the forms of business organization by placing a Tor an F in each column. Publicly Traded Corporation Proprietorship Partnership a. Owners have limited liability. b. Records of the business are combined with the personal records of the owner or owners. c. Required to follow IFRS. d....
End of Chalpl Answer True (T) or False (F): 1. A business owned by one person is called a corporation 3. Investment capital is the money needed to start a business. 4. When loaning money, the lender usually requires the borrower to -2. Inventory means the supply of products a store sells. have somethi ing of value to guarantee that the loan will be repaid. loans usually do not require collateral. ness 5. Unlike 6. In a general partnership, all...