Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Question
Chapter 10, Problem 9MCQ
To determine
Introduction:
To choose: The best item that is excluded while reporting separately on a partnership return.
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Check out a sample textbook solutionStudents have asked these similar questions
Which of the following items may be subject to the self-employment tax?
a.Dividend income
b.Interest income
c.Capital gains
d.A partner's distributive share of partnership income
Which of the following is NOT a separately stated item? Section 179 expense deduction.
Charitable contributions. Ordinary income (loss) from other partnerships, estates, and trusts.
Capital gains (losses).
Select all of the following that qualify as Exclusions from Income that can be
excluded in determining Gross Income.
Gifts
Inheritances
Pensions
Proceeds from Life Insurance
Wages
Workers Compensation Benefits
Dividends
Alimony
Forgiven Debts
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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- Income and loss from which of the following entities is passed through and taxed on the individual's personal tax returns? S corporation Partnership Sole proprietor All of the abovearrow_forwardAy 2. Mcq Which of the following items may be subject to the sef-employmant tax? A partners distributive share of partnership income b. Capital gains c. Interest income d. Dividends income E. None of these choices are correctarrow_forwardWhich 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 depreciationarrow_forward
- Which of the following taxpayers cannot claim deductions from gross income? General professional partnership Domestic corporation Resident foreign corporation Non-resident foreign corporationarrow_forwardWhich is a factor in determining federal income tax withheld? A. Level of wages B. Marital status C. Number of dependents D. Pay period E. All of the abovearrow_forwardDescribe the tax treatment of partnership distributions.arrow_forward
- Please help mearrow_forwardWhich of the following types of income is subject to the self-employment tax? a.Dividends from stock b.Interest income c.Gain on sale of real estate d.Income from a sole proprietor's law practice e.None of these choices are correct.arrow_forwardWhich one of the following statements regarding partnership taxation is incorrect? a.Partnership income is comprised of ordinary partnership income or loss and separately stated items. b.A partnership is required to file a return with the IRS. c.A partner's profit-sharing percentage may differ from the partner's loss-sharing percentage. d.A partnership is a tax-paying entity for Federal income tax purposes.arrow_forward
- Does a partnership pay income tax?arrow_forwardFor purposes of determining income eligibility for the premium tax credit, household AGI is AGI for the taxpayer and spouse AGI for the taxpayer, spouse, and any other household members required to file a tax return AGI for the taxpayer, spouse, and any other household members required to file a tax return plus any tax-exempt income AGI for the taxpayer, spouse, and any other household members required to file a tax return plus any tax-exempt income and untaxed Social Security benefitsarrow_forward
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