Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

LC roturn, choose the response that provides the most complete information regarding how the return would be ourterven in warcus wne y as equal partners,

image text in transcribed
LC roturn, choose the response that provides the most complete information regarding how the return would be ourterven in warcus wne y as equal partners, rather than as an s corporation? arding the preparation of the retum other than it being completed on Form 1065 rather than Form 11208, which then would reculie theat the therms balance sheet, and Schedules K-1 might be recorded on different line numbers, but the items listed whi remain the surne and eomparithy ne 9 on Form 1065, rather than on Form 1120-S, line 7, and the amounts reflected on their Forms W-2 would be rvtiectud in bex Aa on theik m 1065 would not include the amount of any health insurance premiums, because for partnerships, there is no provision tor the extity y partners. is employees, there would be no salary expense on lines 9 . They may instead each have amounts teported as guaranteed payme ordinary income reported in box 1 as well as any amounts reported as guaranteed payments in box Aa would be sulolect to SE on their personal returns

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing An International Approach

Authors: Wally J. Smieliauskas, Kathryn Bewley

6th edition

978-0070968295, 9781259087462, 978-0071051415

More Books

Students also viewed these Accounting questions

Question

Discuss the difference between average and marginal tax rates.

Answered: 1 week ago

Question

1. Let a, b R, a Answered: 1 week ago

Answered: 1 week ago