BIZ TAX JEOPARDY

ENTITIES

100

ANY TIME AN ENTITY DOES THIS, TO AVOID LIABILITY, THE ENTITY WILL LIKELY NEED AN 1120 OR 1120-S

WHAT IS INCORPORATE

200

IF A COMPANY DOES NOT INCORPORATE, BUT WANTS TO LIMIT LIABILITY, THEY CAN ORGANIZE INTO A LIMITED LIABILITY THIS

WHAT IS COMPANY OR PARTNERSHIP

300

A SINGLE MEMBER LLC WILL BE THIS TAX FEELINGS (AND YOU SHOULD NEVER DO THIS TO SOMEONE'S FEELINGS

WHAT IS DISREGARDED

400

THIS IS THE MAXIMUM NUMBER THAT AN S CORPORATION CAN HAVE

WHAT IS 100

500

C CORPORATIONS ARE GOVERNED BY SUBCHAPTER C, S CORPORATIONS ARE GOVERNED BY SUBCHAPTER S, AND PARTNERSHIPS ARE GOVERNED BY THIS SUBCHAPTER (NO, IT'S NOT P)

WHAT IS K?

KICK SOME S CORPS

100

THIS IS THE HIGHEST AMOUNT OF TOTAL RECEIPTS AND TOTAL ASSETS THAT AN S CORP CAN HAVE WITHOUT NEEDING TO COMPLETE SCHEDULES L AND M-1

WHAT IS $249,999.

200

AN S CORPORATION'S STATUS IF EITHER THE NUMBER OF SHAREHOLDERS RISES OVER THE MAXIMUM OR THE CORPORATION DOES THIS UNDER IRC SECTION 1362(A)

WHAT IS REVOKE

300

YOU MIGHT NEED TO BE A LITTLE BIT OF AN EARLY BIRD BECAUSE THE FILING DEADLINE FOR S CORPORATIONS IS THIS DATE FOR CALENDAR YEAR TAXPAYERS

WHAT IS MARCH 15

400

AFTER TERMINATING S CORPORATION STATUS, YOU WILL HAVE TO BE PATIENT BECAUSE YOU NEED TO WAIT THIS MANY YEARS BEFORE RE-ELECTING S STATUS

WHAT IS FIVE

500

THIS IS THE THRESHOLD OWNERSHIP REQUIRED FOR SPECIAL TREATMENT FOR A SHAREHOLDER, PER 1372(A)

WHAT IS 2 PERCENT

PARTNER(SHIP) UP

100

WE'RE NOT TALKING ABOUT THE HEAD OF THE ARMY WHEN WE SAY THAT LIMITED PARTNERSHIPS NEED TO HAVE THIS TYPE OF PARTNER

WHAT IS GENERAL

200

DO YOU UNDERSTAND THAT NEITHER PARTNERSHIP NOR ANY PARTNER WILL DO THIS REGARDING GAIN OR LOSS WHEN PROPERTY IS CONTRIBUTED TO PARTNERSHIP (GENERALLY)

WHAT IS RECOGNIZE

300

ALTHOUGH IT MIGHT SEEM TYRANNICAL, THIS IS THE DETERMINING FACTOR WHEN DECIDING WHICH TAX YEAR TO USE, ACCORDING TO IRC 706

WHAT IS MAJORITY

400

THIS METHOD OF ACCOUNTING MAY BE USED IF A PARTNERSHIP HAS C CORPORATION PARTNERS AND THE PARTNERSHIPS' ANNUAL GROSS RECEIPTS FOR THE THREE PRIOR YEARS AVERAGES LESS THAN $5 MILLION

WHAT IS CASH

500

IF YOU ARE RUNNING LATE IN FILING, SHAME ON YOU, BUT YOU CAN USE THIS FORM TO GET AN AUTOMATIC 6 MONTH EXTENSION

WHAT IS FORM 7004

DEEP BLUE C CORPS

100

UNLIKE PASSTHROUGH ENTITIES, A C CORPORATION SHAREHOLDER MAY NOT DEDUCT THESE (ONLY THE C CORPORATION CAN)

WHAT ARE BUSINESS LOSSES

200

THIS PHRASE DOESN'T RELATE TO BEING A STAY AT HOME SPOUSE, BUT MEANS THAT THE CORPORATION IS A US TAX PERSON

WHAT IS DOMESTIC

300

THIS IS THE FORM THAT A CORPORATION NEEDS TO FILE IF IT WANTS TO CHANGE ITS TAXABLE YEAR

WHAT IS 1128

400

C CORPORATIONS MUST USE THIS METHOD OF ACCOUNTING UNLESS IT MEETS SOME LIMITED CIRCUMSTANCES, LIKE QUALIFYING AS A FAMILY FARMING CORPORATION

WHAT IS ACCRUAL

500

CORPORATIONS MAY TAKE A CHARITABLE DEDUCTION, AS LONG AS IT GIVEN TO THIS TYPE OF ORGANIZATION

WHAT IS A 501(C)(3)

COMING SOON

100

EVEN THOUGH TURBOTAX BUSINESS CAN PREPARE THIS RETURN FOR INCOME TAX OF A TRUST OR ESTATE, WE CAN'T PROVIDE SUBSTANTIVE ADVICE RELATING TO IT

WHAT IS A 1041

200

TTBUSINESS CAN NOT SUPPORT THIS RETURN FOR A TAX EXEMPT ORGANIZATION

WHAT IS A 990

300

TT BUSINESS DOES NOT HANDLE TRANSFER TAXES, SO IT DOESN'T PREPARE GIFT TAXES, ESTATE TAXES, OR THIS TAX WHICH IS REPORTED ON A 706 OR 709

WHAT IS GENERATION SKIPPING TRANSFER TAX

400

YOU'LL GET A WORKOUT IF YOU TRY AND PREPARE THIS TYPE OF TAX, FILLED OUT ON A 720

WHAT IS EXCISE

500

EVEN THOUGH TTBUSINESS DOESN'T CURRENTLY DEAL WITH TRANSFER TAXES, IT MIGHT EVENTUALLY HANDLE THIS TAX, WHICH IS ACTUALLY DIFFERENT FROM AN ESTATE TAX (AND IS USUALLY TAXED BY STATES)

WHAT IS INHERITANCE TAX