Random Flashcards
How many years for refund? When paid and when filed?
When paid = 2
When filed = 3
If a partnership agreement is silent what can a partner do?
Terminate partnership without liability
Are oral agreements enforceable? can they be admissible (accepted) in court?
not enforceable but admissible in court
What is an LLC with one member called?
a disregarded entity
A simple trust does what and does not do what?
does distributes all income and is not allowed to make charitable contributions
What type of business provides all owners with limited liability while avoiding federal taxation of income at the entity level?
S corp
Are garuanteed payments part of nonseperatley stated income?
yes
Can a consolidated return be revoked by the parent at any time?
no
After 12/31/17 NOL can only be carried ____. And can only be applied to ___% of the ____ years income.
forward, 80, future
How is capital gain or loss from a liquidation calculated?
FMV - basis (ignore any inventories)
When calculating income from a partnership is guaranteed payments included?
yes
S corps can deduct
compensation of officers
How do you calculate accumulated taxable income?
income - tax - 250K (minimum accumulated earning credit)
How is dividend income calculated?
Greater of: CEP or CEP + AEP
How is (accumulated) E&P calculated?
Current E&P - distribution +/- Accumulated E&P (deficit)
A filing for unrelated business income needs to happen if the company has $____ unrelated business income
1000
Can a trustee distribute principal’s income to benficiaries?
No
SALT deductions are maxed out at
10K
1933
didn’t rely, due care, due diligence
1934
lack of scienter/intent, they used/relied on it, material
A partnership loss is recognized to the extent of the ____ any excess is _______
basis
RF
is LT cap gain part of ordinary income
no
