According to Ian Redpath and Brian O'Sullivan, which of the following is correct regarding the IRC...
According to Ian Redpath and Brian O'Sullivan, which of the following is correct regarding the IRC Section 199A deduction? A. It applies to C corporations and partnerships. B. It applies to partnerships and sole proprietorships. C. It applies to sole proprietorships and C corporations. D. It is deductible on a partnership Form 1065.
Homework Answers
B
Deductions may be available to individuals, many owners of Sole proprietorship, partnership and S corporation.
Income earned through C corporation is not eligible for deduction.
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According to Ian Redpath and Brian O'Sullivan, which of the
following is correct regarding the IRC...
According to Ian Redpath and Brian O'Sullivan, which of the following would be most likely to...
According to Ian Redpath and Brian O'Sullivan, which of the following would be most likely to qualify for a Section 199A deduction? A. A single CPA with $350,000 taxable income on his 2018 Form 1040 B. A married CPA with $350,000 taxable income on her 2018 Form 1040, married filing jointly C. A married attorney with $350,000 taxable income on his 2018 Form 1040, married filing jointly D. A married architect with $350,000 taxable income on her 2018 Form 1040,...
According to Ian Redpath and Brian O'Sullivan, which of the following is correct regarding depreciation of...
According to Ian Redpath and Brian O'Sullivan, which of the following is correct regarding depreciation of a vehicle that is utilized 75% for business use in year one and 45% business use in year two? A. ADS must be used in year one. B. ADS must be used in year two C. MACRS must be used in year one. D. MACRS must be used in year two.
According to Ian Redpath and Brian O'Sullivan, which of the following is correct regarding depreciation of...
According to Ian Redpath and Brian O'Sullivan, which of the following is correct regarding depreciation of a vehicle that is utilized 75% for business use in year one and 45% business use in year two? A. ADS must be used in year one. B. ADS must be used in year two C. MACRS must be used in year one. D. MACRS must be used in year two.
Which of the following statements is CORRECT? a. Due to limited liability, unlimited lives, and ease...
Which of the following statements is CORRECT? a. Due to limited liability, unlimited lives, and ease of ownership transfer, the vast majority of U.S. businesses (in terms of number of businesses) are organized as corporations. b. Large corporations are taxed more favorably than proprietorships. c. Corporate stockholders are exposed to unlimited liability. d. Most businesses (by number and total dollar sales) are organized as proprietorships or partnerships because it is easier to set up and operate one of these forms...
1. In terms of sales, most sales come from... A. Sole Proprietorships B. Partnerships C. LLC/LLPs...
1. In terms of sales, most sales come from... A. Sole Proprietorships B. Partnerships C. LLC/LLPs D. Corporations 2. Which of the following statements is true? A. An advantage to a proprietorship is limited life. B. An advantage to a proprietorship is unlimited liability. C. An advantage to a proprietorship is that there is a lot of regulatory compliance paperwork. D. An advantage to a proprietorship is that it is relatively easy to form.
Which, if any, of the following statements is (are) correct? 1 C corporations have unlimited liability. 2 Sole proprieto...
Which, if any, of the following statements is (are) correct? 1 C corporations have unlimited liability. 2 Sole proprietorships offer limited liability. A. 1 only. B. 2 only. C. Both 1 and 2. D. Neither 1 nor 2.
1) In a set of partnership accounting records, the account for each partner named “withdrawals” is...
1) In a set of partnership accounting records, the account for each partner named “withdrawals” is most similar to which of the following accounts found on a corporation's records? A) Long term liabilities B) Dividends payable C) Accumulated depreciation D Dividends declared E) Additional paid in capital 2. Over the years, a number of different types of organizations have been developed to take advantage of benefits of partnerships and corporations at once including: A) multi-national corporations using IFRS accounting standards....
Generally, IRC Section 737 addresses which of the following by requiring a partner to recognize gain...
Generally, IRC Section 737 addresses which of the following by requiring a partner to recognize gain upon the receipt of a partnership distribution? A. Accrued basis B. Appreciated basis C. Diminishing basis D. Substituted basis
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...
1. Regarding the tax formula applicable to individual taxpayers, which of the following statements is correct?...
1. Regarding the tax formula applicable to individual taxpayers, which of the following statements is correct? a. In arriving at AGI, a taxpayer may claim deductions for AGI or deductions from AGI, but not both. b. In arriving at taxable income, a taxpayer may claim deductions for AGI or deductions from AGI, but not both. c. If a taxpayer claims deductions for AGI, the standard deduction is not available. d. In arriving at taxable income, a taxpayer may claim itemized...
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...
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