Partnerships
What is the name of the federal tax form used to report partnership income?
1065
What is the name of the federal tax form used to report S-Corporation income?
1120-S
What is the name of the form for both partnerships and S-corps to report the partner’s/shareholder’s share of income, deductions, etc.?
Schedule K-1
Can both Partnerships and S-Corps be LLCs?
Yes
On New Year’s Day, the Dutch believe eating what will bring them good fortune?
What are donuts?
What schedule on the partnership tax form reports the balance sheet?
Schedule L
How many shareholders can an S-Corp have?
No more than 100
Where is rental income reported on pass-through returns?
Schedule K and K-1s
Where are separately stated items typically reported on a pass-through return?
Schedule K
How are cats able to squeeze through narrow spaces?
What is they have flexible collarbones.
Are partnerships typically taxed at the entity level?
No
Can S-Corps have more than one class of stock?
No
What do the schedule K-2s and K-3s report?
Information on the entity’s foreign transactions
If a partner receives a K-1, where is that information reported on their individual tax return (1040)?
Schedule E
What Italian dessert is made with ladyfingers soaked in coffee?
What is tiramisu?
What flows from page one of the 1065 to the first line of the Schedule K?
Ordinary Income
What is one type of entity that cannot be a shareholder in an S-Corp?
Partnerships, Corporations, or non-resident alien shareholders
What line of the Schedule K reports tax credits?
Line 15
What line of the K-1 were foreign transactions reported on before the K-3 was introduced in 2021?
Line 16
What one team has the most losses in NFL history?
Who are the Arizona Cardinals
Do partnerships have any restrictions on what types on entities can be partners and if so, what is one restriction?
They do not have any restrictions.
On the form 1120-S Schedule K-1, how is the shareholders’ shares of current year items calculated?
Multiplying schedule K amounts by the allocation percentage
What box 13 code would the biofuel producer credit be reported on the 1120-S K-1?
Code I
Does Michigan have a pass-through entity (PTE) election?
Yes
What does the NFL rule 11-4-5 state?
what is no item of any kind may be placed on the field, or used in any manner, to assist a player in kicking a field goal and/or extra point attempt?(just make sure they say anyone of the things stated above)