What is the primary difference between the income sections for Form 1120 and Form 1120S? *...
What is the primary difference between the income sections for Form 1120 and Form 1120S? *
Rental real estate is reported on Form 1120S.
Dividend and interest income is reported in the income section of Form 1120S.
Gross rental income is reported on Form 1120S.
Only business income is reported in the income section on Form 1120S.
Mark for follow up
Homework Answers
Solution: Only business income is reported in the income section on Form 1120S.
Explanation: Form 1120S is used by S corporations file while Form 1120 is used by Corporations. A Form 1120S tax return by S corporation files when produces, completed, what the form calls the ordinary business income/loss
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What is the primary difference between the income sections for Form 1120 and Form 1120S? *...
mush fitness inc. 1120s form service income $62,675, customer refunds ($550), interest income $6,525, qualified dividend...
mush fitness inc. 1120s form service income $62,675, customer refunds ($550), interest income $6,525, qualified dividend income $350, facility rental ($12,000) officer salary ($40,000) oter salaries ($8,000) fitness su[pplies ($750) laundry servies ($1,200) towels ($270) mats ($537), what is the ordinary income (loss) mush fitness should report on line 21 of forme 1120S, what is the income/loss reconciliation amount that should be reported on line 18 of schedule K?, what i the total income reported on form 1120S line 6?,where...
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...
Question 47 of 75. What is the IRS method of allocating expenses between rental use and...
Question 47 of 75. What is the IRS method of allocating expenses between rental use and pers All expenses allocated as a percentage of rental-use days to total days owne All expenses allocated as a percentage of rental-use days to total days used Mortgage interest and casualty losses allocated as a percentage of rental-use Mortgage interest and real estate taxes allocated as percentage of rental-use c Mark for follow up Question 48 of 75. Tyler purchased and placed in service...
Question 68 of 75. Interest income is reported as dividend income on Form 1099-DIV when it...
Question 68 of 75. Interest income is reported as dividend income on Form 1099-DIV when it comes from O A mutual fund. O An insurance policy OA corporate bond. 0 A m unicipal bond. □Mark for follow up We were unable to transcribe this image
Question 17 of 30. Residential rental real estate is classified as what section property? O $179....
Question 17 of 30. Residential rental real estate is classified as what section property? O $179. O $1231 O $1245. O $1250. Mark for follow up
□Mark for follow up Question 35 of 75 A sole proprietor with a tentative loss may...
□Mark for follow up Question 35 of 75 A sole proprietor with a tentative loss may deduct which of the following for qualified business-use-of home expenses? O Depreciation O Mortgage interest. O Rent O Utilities. Question 36 of 75. Rents received as payment for use of real estate held for investment purposes are: O Not-for-profit income, reported on Form 1040, line 21. O Investment income, reported on Schedule E O Business earned income, reported on Schedule C. O None of...
Schedules K-1 Question 44 of 50. Which of the following is NOT an increase in figuring...
Schedules K-1 Question 44 of 50. Which of the following is NOT an increase in figuring an S corporation shareholder's stock basis O Adjusted basis in property contributed to the corporation. O Money contributed to the corporation by the shareholder. O Shareholder's share of the corporation's annual income. O Money distributed to the shareholder. D Mark for follow up Question 45 of 50. An example of passive income is – O Income from real estate ventures for a non-real estate...
explain pls! 3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated parties for 60 day...
explain pls!
3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated parties for 60 days during the current year. Mitch and Carol used the house 40 days for their personal vacations. The rest of the time it lay idle. After properly dividing the expenses between rental and personal use, it was determined that a loss was sustained as follow Gross Rental Income (60 x $200/day) $12,000 Rental Mortgage Interest & Property Taxes (...
What is the real estate income or (deduction loss) 4. Emily purchased a rent house on...
What is the real estate income
or (deduction loss)
4. Emily purchased a rent house on 1/2/2018 for $200,000 ($150,000 allocated to the structure and $50,000 allocated to the land). She immediately rented it and has the following income and expenses for 2018: Rental income received ($800 x $12) $9,600 Mortgage interest 7,500 Real estate taxes 4,560 1,140 Maintenance expense 2,800 Homeowner's insurance Emily actively participates in the management of the rent house but is not a real estate professional....
Question 71 of 75. Mona owns a rental house that she has rented to various tenants...
Question 71 of 75. Mona owns a rental house that she has rented to various tenants since September of 2001. She converted the house from personal to rental property. At the time of conversion, the adjusted basis of the house was $154,000, including land value of $11,600. The fair market value of the house was $146,000, including land value of $11,600. The backyard fence fell into disrepair in June of 2018. She had it replaced June 27th, 2018, for $8,399....
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...
Question 47 of 75. What is the IRS method of allocating expenses between rental use and pers All expenses allocated as a percentage of rental-use days to total days owne All expenses allocated as a percentage of rental-use days to total days used Mortgage interest and casualty losses allocated as a percentage of rental-use Mortgage interest and real estate taxes allocated as percentage of rental-use c Mark for follow up Question 48 of 75. Tyler purchased and placed in service...
Question 68 of 75. Interest income is reported as dividend income on Form 1099-DIV when it comes from O A mutual fund. O An insurance policy OA corporate bond. 0 A m unicipal bond. □Mark for follow up We were unable to transcribe this image
Question 17 of 30. Residential rental real estate is classified as what section property? O $179. O $1231 O $1245. O $1250. Mark for follow up
□Mark for follow up Question 35 of 75 A sole proprietor with a tentative loss may deduct which of the following for qualified business-use-of home expenses? O Depreciation O Mortgage interest. O Rent O Utilities. Question 36 of 75. Rents received as payment for use of real estate held for investment purposes are: O Not-for-profit income, reported on Form 1040, line 21. O Investment income, reported on Schedule E O Business earned income, reported on Schedule C. O None of...
Schedules K-1 Question 44 of 50. Which of the following is NOT an increase in figuring an S corporation shareholder's stock basis O Adjusted basis in property contributed to the corporation. O Money contributed to the corporation by the shareholder. O Shareholder's share of the corporation's annual income. O Money distributed to the shareholder. D Mark for follow up Question 45 of 50. An example of passive income is – O Income from real estate ventures for a non-real estate...
explain pls!
3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated parties for 60 days during the current year. Mitch and Carol used the house 40 days for their personal vacations. The rest of the time it lay idle. After properly dividing the expenses between rental and personal use, it was determined that a loss was sustained as follow Gross Rental Income (60 x $200/day) $12,000 Rental Mortgage Interest & Property Taxes (...
What is the real estate income
or (deduction loss)
4. Emily purchased a rent house on 1/2/2018 for $200,000 ($150,000 allocated to the structure and $50,000 allocated to the land). She immediately rented it and has the following income and expenses for 2018: Rental income received ($800 x $12) $9,600 Mortgage interest 7,500 Real estate taxes 4,560 1,140 Maintenance expense 2,800 Homeowner's insurance Emily actively participates in the management of the rent house but is not a real estate professional....
Question 71 of 75. Mona owns a rental house that she has rented to various tenants since September of 2001. She converted the house from personal to rental property. At the time of conversion, the adjusted basis of the house was $154,000, including land value of $11,600. The fair market value of the house was $146,000, including land value of $11,600. The backyard fence fell into disrepair in June of 2018. She had it replaced June 27th, 2018, for $8,399....
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