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Exam 12: Entities Overview

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Question 41

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Limited partnerships are legally formed by filing a certificate of limited partnership with the state in which the partnership will be organized.

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Question 42

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For tax purposes, only unincorporated entities can be considered to be disregarded entities.

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Question 43

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Corporations are legally formed by filing articles of organization with the state in which the corporation will be created.

Which legal entity is generally best suited for going public?

For which type of entity does the entity not pay compensation to an owner who is working for the entity?

The deduction for qualified business income applies to income of all but which of the following tax entity types?

In 2019, BYC Corporation (a C corporation)had an NOL carryover from 2017 in the amount of $40,000.How much tax will BYC pay in 2019 if it reports taxable income from operations of $35,000 in 2019 before the NOL deduction?

A single-member LLC is taxed as a partnership.

Which of the following legal entities are generally classified as C corporations for tax purposes?

Which of the following statements is true regarding compensation paid to an owner of an entity taxed as a partnership who works for the entity?

Roberto and Reagan are both 25-percent owner/managers for Bright Light Inc.Roberto runs the retail store in Sacramento, CA, and Reagan runs the retail store in San Francisco, CA.Bright Light generated a $125,000 profit companywide made up of a $75,000 profit from the Sacramento store, a ($25,000) loss from the San Francisco store, and a combined $75,000 profit from the remaining stores.If Bright Light is taxed as a partnership and it is decided that both Roberto and Reagan will be allocated 70 percent of his own store's profit, with the remaining profits allocated pro rata among all the owners, how much income will be allocated to Reagan?

Which of the following legal entities files documents with the state to be formally recognized by the state?

What tax year-end must an unincorporated entity with only one owner adopt?

On which tax form does a single-member LLC with one individual owner report its income and losses?

C corporations and S corporations are separate taxpaying entities that pay tax on their own income.

The excess loss limitations apply to owners of all of the following entities except which of the following?

Tax rules require that entities be classified the same way for tax purposes as they are classified for legal purposes.

Owners of which of the following entity types receive deductible compensation from the entity for working for the entity?

If individual taxpayers are the shareholders of PST Corporation and PST Corporation is a shareholder of MNO Corporation, how many levels of tax is MNO's pretax income potentially exposed to?

For tax purposes, sole proprietorships pay sole proprietors guaranteed payments as compensation for their services.