QUESTION 7 Each of the following are separately stated tax items for purposes of partnership taxation, except: Interest Income Cost of Goods Sold Long Term Capital Gains; Charitable Contributions: QUESTION 8 Bob and Frank own two equal interests in a tax partnership. During the year the partnership earns $100,000 of income, distributes $80,000 of cash, and pays off a $4,000 credit card balance. The partnership has no other activities. If Bob's tax capital account balance at the beginning of the year is $50,000, what is his tax capital account balance at the end of the year? 100,000 60,000, 58,000 8,000; /web/stment pour 270000 cours de 147001_758502 Thou 0 minutes, 22 wutlen met QUESTIONS Lacromance is brothers to perform House Design contents Recourt to recortar Recouse Debt-to partner with the interesponsibility for paying the recorregut Por Debt-thing to Monsent to us with the time obity for pengtheit QUESTIONS Care Deschwn half of an corporation called Windows, Inc. The compras formed on January tal of the tax year when cocah of $25.000 cock worth $25.000 that she purchased five years $10.000 Windows the hos $40,000 per non during the year and makes $20,000 in totalitatis sending Windows, hook $20.000 $35.000 $45.000 c G Search or type URL $ 4 0) > 3 5 7 8 o E R T T Y U 1 O C C QUESTION 3 In the current year, the ODD Partnership earned revenues of $200,000 and paid the following amounts: $50,000 in rent and utilities, and $20,000 as a cash distribution to partner Olivia. In addition, the partnership oarned $6,000 of long-term capital gains during the year. Partner Derrick owns a 50% Interest in the partnership and the partnership agreement allocates all items of income and loss based on ownership percentages. How much income must Derrick report for the tax year? $78,000 ordinary income $68,000 ordinary income $75,000 ordinary income, $3,000 of long-term capital gains. $65,000 ordinary income: $3,000 of long-term capital gains. QUESTION 4 For purposes of establishing a new business and selecting an entity form for tax purposes between a Partnership or a C-Corporation, the primary tax-related factors that should be considered for owriers to differentiate between these options include each of the following, except: The impact on SECA/FICA taxes: The Deductibility of the Owner's Personal Expenses; Flow-through entity taxation; Double taxation (meaning taxes at the entity and owner levels); QUESTION 7 Each of the following are separately stated tax items for purposes of partnership taxation, except: Interest Income Cost of Goods Sold Long Term Capital Gains; Charitable Contributions: QUESTION 8 Bob and Frank own two equal interests in a tax partnership. During the year the partnership earns $100,000 of income, distributes $80,000 of cash, and pays off a $4,000 credit card balance. The partnership has no other activities. If Bob's tax capital account balance at the beginning of the year is $50,000, what is his tax capital account balance at the end of the year? 100,000 60,000, 58,000 8,000; /web/stment pour 270000 cours de 147001_758502 Thou 0 minutes, 22 wutlen met QUESTIONS Lacromance is brothers to perform House Design contents Recourt to recortar Recouse Debt-to partner with the interesponsibility for paying the recorregut Por Debt-thing to Monsent to us with the time obity for pengtheit QUESTIONS Care Deschwn half of an corporation called Windows, Inc. The compras formed on January tal of the tax year when cocah of $25.000 cock worth $25.000 that she purchased five years $10.000 Windows the hos $40,000 per non during the year and makes $20,000 in totalitatis sending Windows, hook $20.000 $35.000 $45.000 c G Search or type URL $ 4 0) > 3 5 7 8 o E R T T Y U 1 O C C QUESTION 3 In the current year, the ODD Partnership earned revenues of $200,000 and paid the following amounts: $50,000 in rent and utilities, and $20,000 as a cash distribution to partner Olivia. In addition, the partnership oarned $6,000 of long-term capital gains during the year. Partner Derrick owns a 50% Interest in the partnership and the partnership agreement allocates all items of income and loss based on ownership percentages. How much income must Derrick report for the tax year? $78,000 ordinary income $68,000 ordinary income $75,000 ordinary income, $3,000 of long-term capital gains. $65,000 ordinary income: $3,000 of long-term capital gains. QUESTION 4 For purposes of establishing a new business and selecting an entity form for tax purposes between a Partnership or a C-Corporation, the primary tax-related factors that should be considered for owriers to differentiate between these options include each of the following, except: The impact on SECA/FICA taxes: The Deductibility of the Owner's Personal Expenses; Flow-through entity taxation; Double taxation (meaning taxes at the entity and owner levels)