For an electing large partnership miscellaneous itemized deductions are

For an electing large partnership miscellaneous

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Question: 32For an electing large partnership, miscellaneous itemized deductions are considered atthe partnership level by A.Disallowing all miscellaneous itemized deductions at the partnership level indetermining partnership taxable income.B.Applying the 2% floor to each of the miscellaneous itemized deduction items in determining partnership taxable income.C.Combining the items and disallowing 70% of the deductions in determining partnership taxable income.Answer (C) is correct. Miscellaneous itemized deductions are generally combined at the partnership level. Instead of applying the 2% floor to each deduction, 70% of the total of these deductions are disallowed at the partnership level.D.Allowing all miscellaneous itemized deductions to reduce partnership taxable income at the partnership level without limitation. Question: 33Which of the following may file Form 990-EZ? Form 990-EZ is a shortened version of Form 990. It is designed for use by small exempt organizations and nonexempt charitable trusts. An organization may file Form 990-EZ instead of Form 990 if it meets both of the following requirements: Question: 34In the current year, which taxable year may a newly formed partnership not adopt without obtaining prior approval from the IRS?
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A.A January 31 year end if it is a retail enterprise with a natural business year ending January 31 and all of its majority and principal partners are on a calendar year.
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  • Spring '14
  • FredericIhrke
  • Taxation in the United States, partner, Income tax in the United States

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