Tax_Planning_Quiz_3 - Tax Planning Quiz 3 1) _ 2) _ 3) _ 4)...

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Tax Planning Quiz 3 1) ____ 2) ____ 3) ____ 4) ____ 5) ____ 6) ____ 7) ____ 8) ____ 9) ____ 10) ____ 11) ____ 12) ____ 13) ____ 14) ____ 15) ____ 16) ____ 17) ____ 18) ____ 19) ____ 20) ____ 21) ____ 22) ____ 23) ____ 24) ____ 25) ____ 1) The election of Subchapter S status by a corporation is valid only if all shareholders consent to the election. (t or f) T 2) A corporation must make an S election for the current year prior to the beginning of that year. (t or f) T 3) All shareholders must consent to the revocation of S status. (t or f) F 4) Even if the termination of an S election is considered to be inadvertent, the election to terminate is irrevocable. (t or f) F 5) Limited partners must consider the at-risk, basis, and passive loss limitations when determining the amount of their deductible loss. (t or f) F 6) No gain is recognized on the sale of property between a partnership and a more than 50% partner. (t or f) F
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7) Guaranteed payments are always ordinary income to the recipient. (t or f) T 8) A partnership must file Form 1065 only if its income exceeds $1,000. (t or f) F 9) A partnership cannot make charitable contributions. (t or f) F 10) A partner's “distributive share” is the partner’s share of any assets distributed by the
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Tax_Planning_Quiz_3 - Tax Planning Quiz 3 1) _ 2) _ 3) _ 4)...

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