11. Which one of the following is not a deductible expense in computing partnership ordinary income?

a. Guaranteed payments to partners

b. Salaries and wages other than to partners

c. Investment interest

d. Contributions to employee benefit plans

e. All of the above are deductible in computing partnership ordinary income

12. Which one of the following expenses is deductible in computing partnership ordinary income?

a. Interest expense on a business loan

b. Capital losses

c. Charitable contributions

d. Foreign taxes paid

e. All of the above are deductible in computing partnership ordinary income

13. Which of the following types of businesses would not be considered as a flow-through entity?

a. LLP

b. LLC

c. S corporations

d. C corporations

e. None of the above

14. Which one of the following income or expense items is included in the calculation of partnership ordinary income?

a. Dividend income

b. Rental income from real estate

c. Charitable contributions

d. Cost of goods sold

e. None of the above

15. If a corporation wants to make an S election for the current year, by what date must the election be made?

a. Within the first 30 days of the current tax year

b. Within the first 60 days of the current tax year

c. By the end of the current tax year

d. Within the first 2 1/2 months of the current tax year

e. By the first day of the current tax year

16. The normal filing date for a calendar-year S corporation is ____________.

17. Every partnership doing business within the U.S. files the informational return Form ____________.

18. Single taxpayers who actively participates in a partnership report his/her share of partnership profits or losses from partnership income on Schedule____ and Form _______ on their individual income tax return.