Flashcards in Deck 41 Deck (7):
Retain certain powers after transferring property
May not distribute principal
When you contribute services to the partnership, the partner must include as income:
FMV as ordinary income
Which fiduciary entity is required to use a calendar year?
Trusts; (estates can use any period)
A taxpayer's deduction for investment interest expense is the lesser of:
Net investment income or investment interest expense
What must be disclosed in a securities registration statement filed under the 1933 act?
Principal purposes for which the offering proceeds will be used