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Question 7 of 20. Which of these businesses would NOT be required to file a balance sheet with the tax return? ORB, a C corporation,

Question 7 of 20.

Which of these businesses would NOT be required to file a balance sheet with the tax return?

ORB, a C corporation, with $245,000 in gross receipts and $50,000 in assets.

DBS, a partnership, with $275,000 in gross receipts and $150,000 in assets.

JAS, an S corporation, with $175,000 in gross receipts and $260,000 in assets.

BLA, a C corporation, with $240,000 in gross receipts and $290,000 in assets.

Question 8 of 20.

Marty, Nathan, and Oliver form MNO Mechanics, LLC. They make no elections so the LLC will default to a partnership. They agree that Oliver will operate the business and receive a guaranteed payment of $50,000. Oliver's share of the income this year is $20,000. How is the guaranteed payment treated by the partnership and the partners?

The partnership would deduct the $50,000 but only Marty and Nathan's share of income is adjusted for the payment to Oliver.

The partnership would deduct the $50,000. Marty, Nathan, and Oliver's share of income would each be adjusted proportionally by the guaranteed payment.

The partnership would deduct the $50,000 and Oliver's share of income would be adjusted for the guaranteed payment.

The partnership would not be able to deduct the guaranteed payment if the partnership does not have enough income.

Question 9 of 20.

An employer is required to report wages and withholding at the end of the year. Which forms are used to report the wages to the employee and to the IRS?

Form W-2 and Form W-3.

Form 941, Form W-2 and Form W-3.

Form 941, Form 1096 and Form 1099-NEC.

Form 941, Form 1099-NEC and Form W-3.

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