Homework Answers
Correct answer is option 2.
Explanation :
All of the following regarding a schedule M-2( Form 1065) are correct except option 2 i.e., Schedule M-2 tracks the partners bases in the partnership.
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Buestions of All of the following regarding the Schedule Matracks the parere capital Schedule M 2...
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...
Mark for follow up Question 32 of 75. On a partner's Schedule K-1, Item L: O...
Mark for follow up Question 32 of 75. On a partner's Schedule K-1, Item L: O is required when Schedule B, line 4 is checked "yes." Is completed only when the partnership uses GAAP accounting. Shows any increase in the partner's account. Reports the partner's basis in the partnership. Mark for follow up 00 Question 33 of 75. On May 15, Issac contributed $5,500 for a 10% interest in the general partnership, Mac's Tools. The partnership took out a loan...
Jaylan and Casper are equal partners in J&C Raccoon Hats. Jaylan contributed $12,000 and Casper contributed...
Jaylan and Casper are equal partners in J&C Raccoon Hats. Jaylan contributed $12,000 and Casper contributed Inventory with a FMV of $12,000 and an adjusted basis of $10,000. Which of the following is true? Jaylan's basis in the partnership is $12.000 and Casper's is $10,000 Jaylan and Casper each have a basis in the partnership of $12,000 Question 17 of 75. Nichole owns a 50% interest in partnership J&K. She contributed a computer system with a FMV of $15,000 and...
Schedule J. O Schedule C. Schedule B. Mark for follow up Question 2 of 50. Which...
Schedule J. O Schedule C. Schedule B. Mark for follow up Question 2 of 50. Which of the following statements regarding C corporations is false? C corporations are generally not subject to corporate income tax. O c corporations are entities that are separate from their owners for tax purposes. O Shareholders of a C corporation have limited liability. Shareholders of a C corporation are taxed only when the corporation distributes earnings Mark for follow up Question 3 of 50. The...
Problem 2 Land M are partners in Elem Co. each contributing $50,000 towards their capital. On...
Problem 2 Land M are partners in Elem Co. each contributing $50,000 towards their capital. On March 31, 2018 the business reported the following: Sales turnover of $900,000 Cost of goods sold $400,000 Operating Expenses $200,000 1. Land M are to be paid a salary of $3,000 and $2,000 salary per month respectively. 2. Both the partners are to receive interest on capital @6% per annum. 3. Mis to receive a bonus of $30,000 if sales exceeded $600,000 in any...
> Question 19 of 75. Hailie, Lauryn, and Camee formed HL&C, a general partnership, as equal...
> Question 19 of 75. Hailie, Lauryn, and Camee formed HL&C, a general partnership, as equal partners. Hailie contributed $55,000 cash. Lauryn contributed and property with an adjusted basis of $20,000 and a FMV of $35,000. Camee contributed property with an adjusted basis of $43,000 and a dia ntributed $55,000 cash. Lauryn contributed $25,000 cash 43000 and a FMV of $55,000. The partnership made $30,000 m ordinary income for the year and there were no cash or property distributions. what...
Mark for follow up Question 60 of 75. Each of the following is an increase in...
Mark for follow up Question 60 of 75. Each of the following is an increase in figuring an S corporation shareholder's stock ba Money distributed to the shareholder. Money contributed to the corporation by the shareholder. Adjusted basis in property contributed to the corporation. Shareholder's share of the corporation's annual income. Mark for follow up estion 61 of 75. -- 9 7 2. 4 3 C с w R E Q т H K 2 G D וד S المال...
Which of the following is NOT true? A partner's outside basis can be less than zero. Book capital...
Which of the following is NOT true? A partner's outside basis can be less than zero. Book capital and tax capital accounts can have a negative balance. Book capital accounts reflect the FMV of property contributed. Tax capital accounts reflect the partnership's adjusted basis of property at the date of distribution. Mark for follow up
68. Which of the following statements is false? Partners may contribute additional capital to the partnership...
68. Which of the following statements is false? Partners may contribute additional capital to the partnership in the form of cash and other assets Withdrawals of cash by the partners are called "drawings." The partnership income statement includes revenues and expenses but not salary paid to partners A) B) C) D) All of the above are true 69. Which of the following statements about the allocation of partnership profit or loss is false? A) Partnership agreements sometimes allow for a...
Identify which of the following statements is true. The Hunter Partnership has a net long-term capital...
Identify which of the following statements is true. The Hunter Partnership has a net long-term capital gain of $4,000 and a net short-term capital loss of $1,000 for the current tax year. The gain and loss will be netted and the partners will include their proportionate share of the $3.000 net long-term capital gain on their return The Right Partnership sells a delivery truck and recognizes a gain of $2,000, which represents depreciation recaptured under Sec. 1245. The $2,000 gain...
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...
Mark for follow up Question 32 of 75. On a partner's Schedule K-1, Item L: O is required when Schedule B, line 4 is checked "yes." Is completed only when the partnership uses GAAP accounting. Shows any increase in the partner's account. Reports the partner's basis in the partnership. Mark for follow up 00 Question 33 of 75. On May 15, Issac contributed $5,500 for a 10% interest in the general partnership, Mac's Tools. The partnership took out a loan...
Jaylan and Casper are equal partners in J&C Raccoon Hats. Jaylan contributed $12,000 and Casper contributed Inventory with a FMV of $12,000 and an adjusted basis of $10,000. Which of the following is true? Jaylan's basis in the partnership is $12.000 and Casper's is $10,000 Jaylan and Casper each have a basis in the partnership of $12,000 Question 17 of 75. Nichole owns a 50% interest in partnership J&K. She contributed a computer system with a FMV of $15,000 and...
Schedule J. O Schedule C. Schedule B. Mark for follow up Question 2 of 50. Which of the following statements regarding C corporations is false? C corporations are generally not subject to corporate income tax. O c corporations are entities that are separate from their owners for tax purposes. O Shareholders of a C corporation have limited liability. Shareholders of a C corporation are taxed only when the corporation distributes earnings Mark for follow up Question 3 of 50. The...
Problem 2 Land M are partners in Elem Co. each contributing $50,000 towards their capital. On March 31, 2018 the business reported the following: Sales turnover of $900,000 Cost of goods sold $400,000 Operating Expenses $200,000 1. Land M are to be paid a salary of $3,000 and $2,000 salary per month respectively. 2. Both the partners are to receive interest on capital @6% per annum. 3. Mis to receive a bonus of $30,000 if sales exceeded $600,000 in any...
> Question 19 of 75. Hailie, Lauryn, and Camee formed HL&C, a general partnership, as equal partners. Hailie contributed $55,000 cash. Lauryn contributed and property with an adjusted basis of $20,000 and a FMV of $35,000. Camee contributed property with an adjusted basis of $43,000 and a dia ntributed $55,000 cash. Lauryn contributed $25,000 cash 43000 and a FMV of $55,000. The partnership made $30,000 m ordinary income for the year and there were no cash or property distributions. what...
Mark for follow up Question 60 of 75. Each of the following is an increase in figuring an S corporation shareholder's stock ba Money distributed to the shareholder. Money contributed to the corporation by the shareholder. Adjusted basis in property contributed to the corporation. Shareholder's share of the corporation's annual income. Mark for follow up estion 61 of 75. -- 9 7 2. 4 3 C с w R E Q т H K 2 G D וד S المال...
68. Which of the following statements is false? Partners may contribute additional capital to the partnership in the form of cash and other assets Withdrawals of cash by the partners are called "drawings." The partnership income statement includes revenues and expenses but not salary paid to partners A) B) C) D) All of the above are true 69. Which of the following statements about the allocation of partnership profit or loss is false? A) Partnership agreements sometimes allow for a...
Identify which of the following statements is true. The Hunter Partnership has a net long-term capital gain of $4,000 and a net short-term capital loss of $1,000 for the current tax year. The gain and loss will be netted and the partners will include their proportionate share of the $3.000 net long-term capital gain on their return The Right Partnership sells a delivery truck and recognizes a gain of $2,000, which represents depreciation recaptured under Sec. 1245. The $2,000 gain...
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