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REG_1_05

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  1. What are the 3 flow-through entities?
    • Sole Proprietorship
    • Partnership
    • S-Corp
  2. What is the filing deadline for a Partnership? What extension is available?
    March 15, with a 6 month extension available
  3. What is the filing deadline for an S-Corp? What extension is available?
    March 15, with a 6 month extension available
  4. What is the filing deadline for an Individual? What extension is available?
    April 15, with a 6 month extension available
  5. 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
  6. 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
  7. 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
  8. Allocations to S-Corp shareholders are made on which basis?
    Per share, per day owned
  9. 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
  10. 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
  11. Who pays the tax on a distribution from an estate or trust: the trust or the recipient?
    The recipient
  12. 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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Author
BethM
ID
335298
Card Set
REG_1_05
Description
Becker Review 2017
Updated

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