Ch 3 Quiz - page 1 Chapter3:

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page 1 Chapter 3: Taxable Entities; Taxation Formula; Introduction to Property Transactions QUIZ 1. Which of the following is  not  a tax-paying entity under the Federal income tax? a. The regular corporation b. The estate of a deceased individual c. The partnership entity d. A trust for the benefit of a minor child 2. Sandy and Dave formed a law partnership, agreeing to split the income 50:50. The partnership had  net income of $100,000. Dave withdrew $55,000 throughout the year, and Sandy withdrew $50,000.  Dave and Sandy had no other income. Because of the partnership activities, Dave's A.G.I. increased  by a. $100,000. b. $55,000. c. $50,000. d. $35,000. 3. An S corporation's tax treatment is most similar to the a. sole proprietorship. b. partnership. c. individual. d. corporation. 4. G is an eleven-year-old heiress whose share of income from various sources is as follows for the  current year: G's Share of
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Ch 3 Quiz - page 1 Chapter3:

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