Exam 2 Study Guide
Do you add or subtract tax exempt income when
computing for E&P?
Give an example of something that is considered tax
Do you add or subtract the DRD when computing for
Do you add or subtract Li
Quiz 2 Study Guide
Does it matter if the person receiving the distribution is an
individual or a corporation?
Does the character of the property that's being distributed
What impacet does a corporation that's going to pay an
Homework Problems for Credit Assignment 3
Due Friday November 6 @ 6:40 pm
1. Tony and Ziva form McGoo Partnership on January 1 of the current year. They are equal partners.
Tony contributes equipment with a basis of $45,000 and FMV of $150,00
Chapter 23 notes
How are loan transactions, rental payments, and sales of
property between partner and partnership treated?
As if the partner was 3rd party
T/F no loss is recognized on sale of property between
partner and partnership when the partner owns
Chapter 19 notes
What do we mean by non liquidating distribution?
The corporation will continue in business
What do we mean by a liquidating distribution?
The corporation shuts down and closes it's doors to pay people off.
What are four different types of
Chapter 22 notes
An S corporation is a corporation like any other for all
purposes except what?
What kind of entity is an S-Corporation? Why?
They're a flow through entity because they're taxed like partnerships but sometimes there is ent
Chapter 21 notes
Partnership and S Corps are considered what?
Passthrough or flowthrough entities
T/F: Enterprise is not a separate taxable entity, instead
each owner is taxed on a proportionate share of the
entity's taxable earnings at the end of the yea
Chapter 20 notes
When does a corporate liquidation exist?
when a corporation ceases to be a going concern. The corporation continues solely to wind up affairs, pay
debts, and distribute any remaining assets to its shareholders.
Complete liquidation produc
Chapter 27 notes
Property that is transfered during life will be subject to
what kind of tax?
Property that transfers at death will be subject to what
kind of tax?
Both gift tax and estate tax are governed by what?
unified transfer tax
Exam 3 Study Guide
When we say somethings are taxed as a partnership,
which types of somethings are taxed as a partnership;
which types of entities? AKA What are the 5 types of
2) Limited Partnerships
Exam 1 Study Guide
When computing the federal estate tax, do we have to
take into account any gifts our decedent has made?
Does the gross estate get a deduction for death taxes
When arriving at your taxable estate, do you get a
CHAPTER 17 FORMS OF BUSINESS
Forms of business
a. Sole proprietor
i. Not a taxable entity
ii. Income/loss reported on the owners 1040
iii. Income & loss retain their character
iv. The owner has unlimited liability but its easy and cheap to form