S and C corps
This type of corporation is limited to 100 shareholders and no non-resident alien shareholders
S Corp
The deduction for qualified business income is __% of qualified business income generated through a partnership, sole proprietorship, or S corp
20%
This alliterative phrase describes an act of generosity in which you can take a deduction for
Charitable Contribution
Name at least one activity Professor Mettler enjoys to do in her free time?
Cook, read, and golf
This deduction is meant to mitigate the effect of multiple levels of taxation on corporate income.
Dividend Received Deduction
A partner who is fully liable in an individual capacity for the debts owed by the partnership to third parties.
General partner
A legal business entity that passes its income straight to investors/owners, the income is taxed at an individual level
Flow-Through Entity
What was Ryan's fun fact at the beginning of the semester?
He lived in Germany for four years
Distributions made by domestic (and certain non-U.S.) corporations to non-corporate shareholders that are subject to tax at the same rates as those applicable to net long-term capital gains (i.e., 0 percent, 15 percent, or 20 percent).
Qualified Dividends
Payments made by a partnership to a partner for services rendered or for the use of capital to the extent the payments are determined without regard to the income of the partnership.
Guaranteed Payment
______ is the money or the fair market value of "other property" received by the taxpayer in an exchange. (Hint; 1031 Transaction)
Boot
He is color-blind
Measures the economic capacity of a corporation to make a distribution to shareholders that is not a return of capital. Such a distribution results in dividend income to the shareholders to the extent of the corporation’s current and accumulated earnings and profits.
Earnings and Profit
The governing document of a partnership that describes the rights and obligations of the partners, structure of the partnership, allocation of cash flows etc...
Partnership Agreement
An election that may be made by a partnership to adjust the basis of partnership assets to reflect a purchasing partner’s outside basis in interest or to reflect a gain, loss, or basis adjustment of a partner receiving a distribution from a partnership.
Section 754 election
Who is Noelle's favorite artist to listen to?
John Mayer
A special 20 percent tax imposed on C corporations that accumulate (rather than distribute) their earnings beyond the reasonable needs of the business. This is applied in addition to corporate income tax.
Accumulated Earnings Tax
Requirements that must be met before a special allocation may be used by a partnership, premise is that each partner who receives an allocation of income or loss from a partnership bears the economic benefit or burden of the allocation.
Economic Effect Test
QBI Deductions are reported through form ____
Form 8995
Gummy Bears