自制note Chapter10.docx

自制note Chapter10.docx - LO 10-1 Compute net proft or...

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LO 10-1. Compute net proft or loss from a sole proprietorship. LO 10-2. Compute the FICA payroll taxes and the federal SE tax. LO 10-3. Explain how limited liability companies (LLCs) are treated for federal tax purposes. LO 10-4. Explain the flow-through of partnership items to the partners. LO 10-5. Differentiate between a distributive share of partnership income and cash flow. LO 10-6. Adjust the tax basis in a partnership interest. LO 10-7. Apply the basis limitation on the deduction of partnership losses. LO 10-8. Determine if a corporation is eligible to be an S corporation. LO 10-9. Identify similarities and differences in the tax treatment of S corporations versus partnerships. LO 10-10. Apply the basis limitation on the deduction of S corporation losses. SOLE PROPRIETORSHIPS The simplest form of 最 简 单 形 式 business organization is a sole proprietorship, (一) Overview of Schedule C 1.The taxable income from a sole proprietorship is reported on Schedule C (Profit or Loss From Business) of the proprietor’s Form 1040 (U.S. Individual Income Tax Return). This schedule is the proprietorship’s income statement for the year 2.If the business loss exceeds other income, the individual can carry the excess loss back two years and forward 20 years as a net operating loss (NOL) deduction.
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