uute Portal de uvailable at An architect performed service interest in a partnership with arrangement should the a a. The architect d ces for Bill and Sue and, in lieu of her normal fee, accepted a 10 percent with a fair market value of $10,000. How much income from this the architect report on her income tax return? chitect does not have any currently taxable income recognize $10,000 in compensation income. has realized $10,000 in compensation income, but does not have to nize it until she sells her interest in the partnership, The architect has realized $10,000 in capita The architect must recognize $10,000 in ce d. The architect has realized $10 recognize it until she 2. An Scorporation has the ion has the following information for the taxable year: Net Income before the items below $90,000 Bill's Salary ($38,000) Other Income $29,000 Other Expenses ($14,000) Net Income $67,000 ercent owner of the Scorporation and he performs services for the business as an employee. What is Bill's self-employment income? a. $0. b. $52,000. c. $67,000. d. $90,000. 2. On August 1, 2019, Jack bought a 5 percent interest (5 shares) in XYZ, an S corporation that files as a calendar-year taxpayer. In 2019, the S corporation income was $160,000. How much will be reported to Jack on his 2019 1120S Schedule K-1? a. $0. b. $3,333. C. $3,353. d. $8,000 nip interest was $100,000. At the owed the following information: 4. At the beginning of the current year, Donna's basis in her partnership interest was end of the year, Donna received a K-1 from the partnership that showed the following is Cash Withdrawn $31,000 Partnership Taxable income $60,000 Charitable Contribution $1,000 What is Donna's basis in her partnership interest at year-end? a. $128,000. b. $129,000. c. $159,000. d. $160,000. 5. Which entity does not have all of the following characteristics? 1. Limited liability. 2. Ability to distribute in-kind appreciated assets to owners without gain recognition. 3. Can have foreign investors. a. LLC b. S corporation. c. Limited partnership. d. LLP