MIDTERM ANSWERS.docx - SEMINAR IN TAXATION OF PARTNERSHIPS...

This preview shows page 1 - 3 out of 6 pages.

SEMINAR IN TAXATION OF PARTNERSHIPS ACCTG. 578: midterm reviewPROF. M. ENCARNACIONStudent Name and ID____________________________(ShanShan Zhang) 1.Under Subchapter K, the Partnership files Form 1065 reporting its income to the IRS. Which of the following statements is true? (Sining Ji)2.Who must sign a Form 1065 that is filed by a partnership or LLC?a.All partners or members of the LLCb.A general partner or member-manager of the LLCc.Only a limited partner can sign Form 1065d.None of the above.(Diana Castro)3.Amber LLP is a limited liability partnership in the irrigation business. The partnership was formed several years ago and has five partners and several employees. This year, each partner will receive which of the following forms reporting his/her share of partnership income?a.Schedule K-1b.Schedule Kc.Schedule M-1d.None of the above.(Jessie Lin) 4. On 1/1/X, Carla contributed depreciable five-year property acquired 2 years ago to a newly formed partnership. Carla originally purchased the property for $25,000 and has used the 200 percent declining balance depreciation method. She claimed depreciation expense of $5,000 in year one (40% of $25,000 times ½ year convention) and $8,000 in year two (40% times $20,000 remaining basis). Thus, the remaining basis
of the property is $12,000. Its FMV is $18,000. How much depreciation will the partnership claim for tax purposes in the year of the contribution?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture