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

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ACCT 578 - Seminar in Taxation of PartnershipsMIDTERM EXAM MUST KNOWS -SPRING 2018EXAM COVERAGECHAPTERS 1, 2, 3, 4, 5, 6, 7, 8 (ALL CONTENT)ALL MATERIALS POSTED ON TITANIUMQUESTION TYPES ON EXAM:TRUE/FALSE, MULTIPLE-CHOICE, SHORT-ANSWER (MUST SHOW ALL FORMULAS ANDCALCULATIONS)CRITICAL MUST-KNOW TOPICS (NOT INCLUSIVE OF ALL TOPICS TESTED ON EXAMS)1.What is partnershipEmployee, employerReal Estate sharing commissionTwo CPA’s practicing accounting dividing income2.Aggregate theory vs. entity3.How to calculate Inside and Outside Basis4.Who can be excluded or not excluded from Subchapter K under IRC § 761?Co-ownership allowedInvestment companiesJoint production and extraction companies5.IRC § 444 partnership taxable year rules & calculations6.Recapture rule at contribution
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