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Tax Preparation
Miscellaneous
Characteristics and Types
Liabilities & Capital
Separately Stated Items
100
The two types of views on Prosystem Tax are..
What is Worksheet view and Interview view
100
A SMLLC must file this tax form...
What is Form 568
100
This type of entity allocates income and taxes to partners to be reported on the individual level.
What is a pass-through entity
100
Liabilities allocated to partners add to...
What is basis.
100
This separately stated item can be both a deduction for the partnership and income to the partner.
What is Guaranteed Payments.
200
The BTTR should be a direct representative of what schedule?
What is the Schedule M-1 (or M-3)
200
A technical termination occurs when this percentage of a partnership is sold or exchanged during the 12-month business year.
What is 50%.
200
The document that determines how income and losses are allocated to partners.
What is a partnership agreement.
200
Capital can be presented in GAAP basis, Tax basis and..
What is 704(b) book basis
200
This page of the Form 1065 contains the Schedule K.
What is page 4.
300
This type of depreciation is a separately stated item and is not used to calculate Ordinary Business Income.
What is Section 179 Depreciation
300
The annual tax for LP's, LLP's, and LLC's equals:
What is $800
300
Only has one member.
What is Single Member LLC.
300
The definition of this phrase is: If the partnership constructively liquidated the partner or related person would be obligated for that payment.
What is Economic Risk of Loss.
300
This form represents the pro rata share of the partnerships income, losses, deductions and credits.
What is Schedule K-1.
400
"______" represent all of the critical issues, e-filing issues and informational data completed by the tax program.
What is Diagnostics.
400
The host of actual Jeopardy is...
Who is Alex Trebeck.
400
Members have limited liability and are not liable for the debts of the partnership.
What is LLC.
400
This type of debt by default is allocated to partners in accordance with their interest in the partnership.
What is Nonrecourse Liabilities.
400
Personal use of business auto can be reported as Guaranteed Payments or...
What is distributions.
500
During the 2nd business year of a partnership they can deduct this much state tax on Form 1065.
What is $0.
500
This State department handles all state income taxes.
What is Franchise Tax Board.
500
What are the three things each partner can contribute to a partnership.
Cash, property and services.
500
This type of entity can only include direct loans made by the shareholder to the entity to their basis.
What is S Corporation.
500
Gross nonfarm income represents...
What is gross receipts.