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What are the 3 flow-through entities?
- Sole Proprietorship
- Partnership
- S-Corp
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What is the filing deadline for a Partnership? What extension is available?
March 15, with a 6 month extension available
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What is the filing deadline for an S-Corp? What extension is available?
March 15, with a 6 month extension available
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What is the filing deadline for an Individual? What extension is available?
April 15, with a 6 month extension available
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What is the filing deadline for a C-Corp? What extension is available?
April 15 (the 15th day of the 4th month following end of fiscal year), with a 5 month extension available
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Which items from a Partnership are reported separately on the K-1?
- Net active and passive rental real estate income/(loss)
- Interest income
- Dividend income
- Capital gains/(losses)
- Charitable contributions
- Section 179 Expense
- Investment interest expense
- Partners’ health insurance premiums
- Retirement plan contributions (Keogh Plan
- Tax credits
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Which items from an S-Corp are reported separately on the K-1?
- Rental real estate income/(loss)
- Interest income
- Dividend income
- Capital gains/(losses)
- Charitable contributions
- Section 1231 gains/(losses)
- Unrecaptured Section 1250 Income
- Section 179 Expense
- Foreign Income Tax
- Gain/(loss) from Sale of Collectibles
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Allocations to S-Corp shareholders are made on which basis?
Per share, per day owned
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A partner is provided a guaranteed payment from a Partnership. How is this payment treated for tax purposes by the (1) Partnership, and the (2) Partner?
- (1) These are wages earned as if the Partner were a contractor, and the wages are deducted as expenses
- (2) The Partner treats as if earned as a contractor and the wages are subject to self-employment tax
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A shareholder works for an S-Corp. How is this shareholder compensated for his services? How is this treated for tax purposes?
- The shareholder should be paid a reasonable wage as an employee.
- Taxes should be withheld from his paycheck.
- Wages are deducted as a company expense by the S-Corp
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Who pays the tax on a distribution from an estate or trust: the trust or the recipient?
The recipient
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Who pays the tax on a capital gain for an estate or trust?
The capital gain typically goes toward corpus (principal) and is taxed to the estate/trust.
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