Entities
What is the maximum number of shareholders for an S corporation?
100, but could be unlimited if husband and wife
Name at least one state that does not have income tax.
Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming
What entity files a form 1120?
Corporations
Why is there a tax-book difference?
Tax law is generally different from book reporting requirements, book income can differ from taxable income
Where does Professor Mettler like to spend her summers?
The Vineyard
Most financial services firms are set up as this legal entity.
LLP
What type of consideration is state and local taxation?
Equity Consideration
What entities need to file a K-1?
Partners in a partnership, LLC members, and S corporation owners
Net operating losses (NOLs) create what type of book-tax difference?
Temporary
What is Mettler's dog's name?
Dyson
Which entity can be a shareholder of an S Corp?
LLC
What was the ruling of Quill vs. North Dakota?
Companies were only taxed in the states they had physical presence in.
What income tax form do partnerships file?
Form 1065
What type of tax-book difference is accelerated tax depreciation?
Temporary
What is Emma Stracuzzi’s dog’s name?
Millie
Which entities can be double taxed?
C-corps, and LLC's if they elect to be treated like a corporation
What is the dollar and sales minimum companies need to meet before they are required to pay tax in that state?
$100,000 or 200 transactions
What does form 1125A help report?
Cost of goods sold
What type of difference is the disallowed portion of business meals expense?
Permanant
What is Carly yon’s favorite food?
Tacos
How are partnerships taxed?
Partnerships themselves are not actually subject to Federal income tax, they are a pass through entity. Each of the partners will be taxed on their share of the income from the partnership.
What case overturned the decision of Quill Corp. v. North Dakota?
South Dakota v. Wayfair
What does form 4562 help calculate?
Depreciation and amortization
Which schedule is used to reconcile the entity's book income with its taxable income
Schedule M-1
Are Faye, Jen, and Kelley doing the MSA program?
Faye and Jen are, Kelley is not.