Chap.10-12.Entities131_revised_Sp07

Chap.10-12.Entities131_revised_Sp07 - BUSINESS ENTITIES...

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BUSINESS ENTITIES Chapters 9 - 11
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Entities Sole Proprietorships Conduit Entities Partnerships Subchapter S corporations Corporations
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Sole Proprietorships Unincorporated business Aggregated with other income Schedule C on individual tax form Self-employment income
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FICA Taxes Social security (up to max base) & medicare (on total earned income) Employees Employer/employee share Self-employment income Rates 12.4% (maximum base) & 2.9% (on total)
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Partnerships Pass-through entity Partners individually taxed on guaranteed payments
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Basis of Partnership Interest Initial basis Increased by - capital contributions share of income Decreased by share of losses distributions
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Basis for Loss Deductions Partner’s loss deductions are limited to amount at risk Partner can deduct losses from partnership to extent of basis & share of partnership debt
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Chap.10-12.Entities131_revised_Sp07 - BUSINESS ENTITIES...

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