Homework Answers
QUESTION NO. 20
ANSWER
d) Officers saalaries
Other three items are separetely stated item of S corporation. The separate stated items will taxed differently from ordinary income.
QUESTION NO. 21
ANSWER
a) True
Form K-1 is used to report income, losses, dividend receipts, and capital gains of partners, or of shareholders of s corporations or from some trusts. Allocable share of income, gains and deduction are reported on k1.
QUESTION NO. 22
ANSWER
a) True
A corporation may alternate between S corporation and C corporation status each year, depending on which results in more favourable to them or which will give more advantage depending on that. It is a simple process and for doing that you must revoke your S corp election by the 15th day of the third month of that tax year.
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QUESTION 20 Which item is not a "separately stated" item of an S Corporation? Tax-exempt interest...
Which of the following is not a separately stated item on the Schedules K and K-1?...
Which of the following is not a separately stated item on the Schedules K and K-1? A. Selling expense B. Royalty income C. Foreign tax D. IRC §179 deduction Submit Answers
Please fill out the IRS Tax Form Schedule K1 Please refer to the multiple-choice solution below....
Please fill out the IRS Tax Form Schedule K1
Please refer to the multiple-choice solution below. Choose one
of the partners (Murray or Parker) and prepare a Schedule K-1 based
on the information provided (please find it on Google on your own).
You must include the name of the partnership, the name of the
partner, the three items that must be reported separately, and the
ordinary income. If you are wondering, Section 1231 loss is similar
to capital loss but...
Based only on the example provided, fil out the form below with the ordinary income and...
Based only on the example provided, fil out the form below with
the ordinary income and the three items that must be reported
separately
[6] For the current year, the Murray and Parker Partnership had book income of $100,000, which included the following: Long-term capital gain $7,000 Sec. 1231 loss (3.000) Dividends 200 Interest paid to partners for use of capital 12,000 The partners share profits and losses equally. What amount of partnership income (excluding all partnership items which must...
1. Identify which section of the M-1 and the amount 2. Complete the M-1 Information Item...
1. Identify which section of the M-1 and the amount
2. Complete the M-1
Information Item Used Income-sub. To tax not In Books. Exp. - In books not deductible Income-On Books not Return Exp. - In return not on books Taxable income (1120 Line 28) - $1,159,000 Net Income per Books - $875,000 Federal Income Tax - $384,500 Excess Capital Losses over gains - $5,000 Installment Sale Income - $8,500 Tax Exempt Interest - $3,500 Life Insurance Proceeds - $100,000...
Please refer to the multiple-choice solution below. Choose one of the partners (Murray or Parker) and...
Please refer to the multiple-choice solution below. Choose one of the partners (Murray or Parker) and prepare a Schedule K-1 based on the information provided (please find it on Google on your own). You must include the name of the partnership, the name of the partner, the three items that must be reported separately, and the ordinary income. If you are wondering, Section 1231 loss is similar to capital loss but has its own line (I cover that in ACCT...
Please refer to the multiple-choice solution below. Choose one of the partners (Murray or Parker) and...
Please refer to the multiple-choice solution below. Choose one
of the partners (Murray or Parker) and prepare a Schedule K-1 based
on the information provided (please find it on Google on your own).
You must include the name of the partnership, the name of the
partner, the three items that must be reported separately, and the
ordinary income. If you are wondering, Section 1231 loss is similar
to capital loss but has its own line
[6] For the current year,...
Please refer to the multiple-choice solution below. Choose one of the partners (Murray or Parker) and...
Please refer to the multiple-choice solution below. Choose one of the partners (Murray or Parker) and prepare a Schedule K-1 based on the information provided (please find it on Google on your own). You must include the name of the partnership, the name of the partner, the three items that must be reported separately, and the ordinary income. If you are wondering, Section 1231 loss is similar to capital loss but has its own line (I cover that in ACCT...
In determining a partner's income tax for the year, a partner must take into account separately...
In determining a partner's income tax for the year, a partner must take into account separately his or her distributive share of all of the following partnership items whether or not they are actually distributed. 1. Net income from real estate. 2. Charitable contributions. 3. Gains and losses from sales or exchanges of capital assets. 4. Ordinary income or loss from trade or business activities. a True b False
An entity reports the following income for the current year. Operations $92,000 Tax-exempt interest income 19,000...
An entity reports the following income for the current year. Operations $92,000 Tax-exempt interest income 19,000 Long-term capital gain 60,000 The entity holds earnings and profits (AAA for an Scorporation) of $900,000 at the beginning of the year. A distribution of $200,000 is made to the owners. a. Determine the income for each entity type below: (1) If the entity a C corporation then the taxable income is $ 152,000 (2) If the entity is an S-corporation then the ordinary...
QUESTION 7 'A qualifying abandoned spouse may file head of household. True False QUESTION 8 For...
QUESTION 7 'A qualifying abandoned spouse may file head of household. True False QUESTION 8 For tax purposes, the cash method of accounting is subject to which of the following doctrines? Constructive receipt doctrine All events test doctrine Return of capital doctrine Assignment of income doctrine QUESTION 9 Which of the following is not true regarding deductions from adjusted gross income (AGI)? A dependent's standard deduction amount may be limited. The standard deduction is based generally on the taxpayer's filing...
Please fill out the IRS Tax Form Schedule K1
Please refer to the multiple-choice solution below. Choose one
of the partners (Murray or Parker) and prepare a Schedule K-1 based
on the information provided (please find it on Google on your own).
You must include the name of the partnership, the name of the
partner, the three items that must be reported separately, and the
ordinary income. If you are wondering, Section 1231 loss is similar
to capital loss but...
Based only on the example provided, fil out the form below with
the ordinary income and the three items that must be reported
separately
[6] For the current year, the Murray and Parker Partnership had book income of $100,000, which included the following: Long-term capital gain $7,000 Sec. 1231 loss (3.000) Dividends 200 Interest paid to partners for use of capital 12,000 The partners share profits and losses equally. What amount of partnership income (excluding all partnership items which must...
1. Identify which section of the M-1 and the amount
2. Complete the M-1
Information Item Used Income-sub. To tax not In Books. Exp. - In books not deductible Income-On Books not Return Exp. - In return not on books Taxable income (1120 Line 28) - $1,159,000 Net Income per Books - $875,000 Federal Income Tax - $384,500 Excess Capital Losses over gains - $5,000 Installment Sale Income - $8,500 Tax Exempt Interest - $3,500 Life Insurance Proceeds - $100,000...
Please refer to the multiple-choice solution below. Choose one of the partners (Murray or Parker) and prepare a Schedule K-1 based on the information provided (please find it on Google on your own). You must include the name of the partnership, the name of the partner, the three items that must be reported separately, and the ordinary income. If you are wondering, Section 1231 loss is similar to capital loss but has its own line (I cover that in ACCT...
Please refer to the multiple-choice solution below. Choose one
of the partners (Murray or Parker) and prepare a Schedule K-1 based
on the information provided (please find it on Google on your own).
You must include the name of the partnership, the name of the
partner, the three items that must be reported separately, and the
ordinary income. If you are wondering, Section 1231 loss is similar
to capital loss but has its own line
[6] For the current year,...
Please refer to the multiple-choice solution below. Choose one of the partners (Murray or Parker) and prepare a Schedule K-1 based on the information provided (please find it on Google on your own). You must include the name of the partnership, the name of the partner, the three items that must be reported separately, and the ordinary income. If you are wondering, Section 1231 loss is similar to capital loss but has its own line (I cover that in ACCT...
An entity reports the following income for the current year. Operations $92,000 Tax-exempt interest income 19,000 Long-term capital gain 60,000 The entity holds earnings and profits (AAA for an Scorporation) of $900,000 at the beginning of the year. A distribution of $200,000 is made to the owners. a. Determine the income for each entity type below: (1) If the entity a C corporation then the taxable income is $ 152,000 (2) If the entity is an S-corporation then the ordinary...
QUESTION 7 'A qualifying abandoned spouse may file head of household. True False QUESTION 8 For tax purposes, the cash method of accounting is subject to which of the following doctrines? Constructive receipt doctrine All events test doctrine Return of capital doctrine Assignment of income doctrine QUESTION 9 Which of the following is not true regarding deductions from adjusted gross income (AGI)? A dependent's standard deduction amount may be limited. The standard deduction is based generally on the taxpayer's filing...
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