Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Question
Chapter 10, Problem 13MCQ
To determine
Introduction:
To choose: The item to be reported separately on a partnership return.
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Students have asked these similar questions
Which of the following items is generally reported separately on a partnership return?
a.Factory rent expense
b.Interest expense on business debts
c.Ordinary income from the operations of the partnership business
d.Net rental income
e.Bonus depreciation
Salaries provided to partners are generally accounted for as:________
a. Part of the cost of revenues of the partnership
b. An operating expense of the partnership
c. A profit-sharing mechanism
d. Permanent withdrawals of the partners
What is a key distinction in the presentation of the Income Statement in a Partnership?
O presentation of Gross Profit
it includes a presentation of how profit is divided among partners
O presentation of notes in the Income Statement
classification of expenses into Selling and Administrative expenses
Chapter 10 Solutions
Income Tax Fundamentals 2020
Ch. 10 - Which of the following may not be treated as a...Ch. 10 - Prob. 2MCQCh. 10 - Prob. 3MCQCh. 10 - Prob. 4MCQCh. 10 - Prob. 5MCQCh. 10 - Prob. 6MCQCh. 10 - Abigail contributes land with an adjusted basis of...Ch. 10 - Prob. 8MCQCh. 10 - Prob. 9MCQCh. 10 - Prob. 10MCQ
Ch. 10 - Prob. 11MCQCh. 10 - Prob. 12MCQCh. 10 - Prob. 13MCQCh. 10 - Prob. 14MCQCh. 10 - Prob. 15MCQCh. 10 - Prob. 16MCQCh. 10 - Kendra is an attorney and owns 60 percent of a law...Ch. 10 - Prob. 18MCQCh. 10 - In 2019, Gloria, a single taxpayer, receives a...Ch. 10 - Prob. 20MCQCh. 10 - Prob. 21MCQCh. 10 - Prob. 22MCQCh. 10 - Prob. 23MCQCh. 10 - Prob. 1PCh. 10 - Prob. 2PCh. 10 - Prob. 3PCh. 10 - Prob. 4PCh. 10 - Prob. 5PCh. 10 - Prob. 6PCh. 10 - Prob. 7PCh. 10 - Prob. 9PCh. 10 - Prob. 10PCh. 10 - Prob. 11PCh. 10 - Prob. 12PCh. 10 - Prob. 13PCh. 10 - Prob. 14PCh. 10 - Prob. 15PCh. 10 - Prob. 16P
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Similar questions
- A well written partnership agreement should include each of the following except ________. A. how to settle disputes B. the name of the partnership C. division of responsibilities D. Partners individual tax ratearrow_forwardWhen a partnership is liquidated, any gains or losses realized by the sale of noncash assets are allocated to the partners based on their income sharing ratio. Why?arrow_forwardCan a partnership assume liabilities as part of one of the partners contributions?arrow_forward
- A partnership ________. A. has one owner B. can issue stock C. pays taxes on partnership income D. can have more than one general partnerarrow_forwardWhat type of assets may a partner not contribute to a partnership? A. accounts receivable B. furniture C. equipment D. personal credit cardsarrow_forwardAny assets invested by a particular partner in a partnership ________. A. do not become a partnership asset but instead remain with the partner B. can be used only by the investing partner C. become the property of all the partners D. are the basis for all profit sharingarrow_forward
- What types of bases for dividing partnership net income or net loss are available?arrow_forwardWhat is the first step in a partnership liquidation (termination and sale of assets)?arrow_forwardMC: Topic: Income Taxation Which of the following is considered a “constructive receipt” of gross income? * A partner’s share in the income of the general professional partnership is credited to his capital account. Payment for the sale is deposited by buyer to the seller’s bank account. Cancellation of debt of employee by employer in consideration of friendship. A and B only All of the abovearrow_forward
- Please help mearrow_forwardWhat is the purpose of the qualified business income deduction under 199A? How is the deduction calculated ? What information does the partnership report?arrow_forwardIn which of the following situations will the inference of the existence of a partnership be drawn from the receipt o profits of a business? Where payments of a debt are made to a creditor in installments from the profits of the partnership Where wages are paid to an employee who is not also an owner Where an annuity is paid to the widow of a deceased partner from partnership profits Neither the creditor, the employee, nor the widow in these situations will be considered a partner under the guidelines in the RUPA.arrow_forward
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