I appreciate your explanation for these questions.

1.A taxpayer is required by law to provide the payer's name, address, and tax identification number when reporting which type of interest on their return?

A.Installment sales.

B. Nominee interest

2.In 2019, Tariq Hass created a trust for the benefit of his two children, and named the eldest child as the trustee. The trust instrument provided that the income earned from the trust should be distributed annually and an additional $1,000 should be distributed to each beneficiary. What classification best describes this trust?

A.Charitable

B.Complex

C. Simple

3.All of the following regarding Schedule M-2 (Form 1065) are correct EXCEPT:

A.Schedule M-2 tracks the partners' capital accounts.

B.Schedule M-2 tracks the partners' basis in the partnership.

C.Schedule M-2 includes capital contributed by the partners during the year.

4.For a beneficiary to receive a qualified distribution from a Roth IRA, who must meet the five-year requirement?

A.The beneficiary, after taking distributions.

B.Both the owner and the beneficiary.

C.Either the owner or the beneficiary, before taking distributions.