Midterm Exam Topic Must Knows.pdf - ACCT 578 - Seminar in...

ACCT 578 - Seminar in Taxation of Partnerships
MIDTERM EXAM MUST KNOWS - SPRING 2018
EXAM COVERAGE
• CHAPTERS 1, 2, 3, 4, 5, 6, 7, 8 (ALL CONTENT)
• ALL MATERIALS POSTED ON TITANIUM
QUESTION TYPES ON EXAM:
TRUE/FALSE, MULTIPLE-CHOICE, SHORT-ANSWER (MUST SHOW ALL FORMULAS AND
CALCULATIONS)
CRITICAL MUST-KNOW TOPICS (NOT INCLUSIVE OF ALL TOPICS TESTED ON EXAMS)
1. What is partnership
• Employee, employer
• Real Estate sharing commission
• Two CPA’s practicing accounting dividing income
2. Aggregate theory vs. entity
3. How to calculate Inside and Outside Basis
4. Who can be excluded or not excluded from Subchapter K under IRC § 761?
• Co-ownership allowed
• Investment companies
• Joint production and extraction companies
5. IRC § 444 partnership taxable year rules & calculations
6. Recapture rule at contribution