2016 calendar year Partnership tax returns are due on this date
What is March 15th
(15th day of 3rd month)
100
Filing deadline for 2016 calendar year Form 1120
What is April 15th
(15th day of 4th month)
100
Final income and expenses of a decedent are reported on this Form
What is a 1040
100
Annual $ exclusion to a non-spouse for 2016 before a federal gift tax return is filed
What is $14,000
100
LLC owners are designated by this term
What is members
200
Partnership returns are filed on this Form
What is Form 1065
200
Form used to file an extension for a C corporation tax return
What is Form 7004
200
Income and expenses attributable to a decedents assets are reported on this Form
What is Form 1041
200
Federal Gift tax returns are filed on this Form
What is Form 709
200
A single member LLC that chooses to be a disregarded entity files tax return in this manner
What is Schedule C
Or F - or E
300
Used on Schedule E Line 28. Is shortened to the initials UPE
What is Unreimbursed Partnership Expenses
300
When the C-corp annual tax liability exceeds this amount, penalty for underpaying estimates will apply
What is $500
300
The ending assets and liabilities of a person on their DoD (date of death) is reported on this Federal Form
What is Form 706
300
Batman gives Robin stock. The value of the gift is determined on this date
What is the date the stock is transferred
300
Marvel Entertainment is an LLC. Name two Marvel superheroes that are headliners in current movies
What is Spider-man, Wolverine, Iron Man, Captain America, Hulk, Ant Man, Thor
400
Services rendered for a partnership interest is reported in this manner
What is a Guaranteed Payment to the partner
400
Corporate Slogan - "Does she or doesn't she"
What is Clairol
400
IRD
What is Income in Respect of a Decedent
Can create IBS
400
Stock Facts:
Basis $10,000 Holding period 5 years
FMV $13,000 Dividend income reported $5,000
Stock is donated to United Way with a charitable contribution of this amount
What is $13,000
400
An LLC is not a PSC. A PSC is this.
What is a Personal Service Corporation
Business QF F-8
500
Schedule K-1 - Line 14
What is self-employment earnings/loss
500
Wages paid are similar to what an unrelated investor would pay the employee for the same work
What is reasonable compensation
500
The primary duties of this person are to collect the decedent's assets, pay the decedent's creditors, and distribute the remaining assets to the heirs and beneficiaries
What is the Personal Representative
Can be executor, court appointed, or person in possession
500
Vacant Land Facts:
Basis $100,000 Holding period 15 years
FMV $180,000
Land is sold to a friend for $150,000
Gift tax return is reported with this amount
What is $30,000
Would also have a capital gain of $50,000
500
Name 2 of the 3 reasons that members in an LLC would be limited in deducting LLC losses on their personal return
What is Basis rules, At-risk rules, & Passive loss rules