Tax II Group 3 Review
Donnelly Tax II Group 3 Review
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Topics of this game:
- In which lecture did Keith go over material that was not in the book and he said there would be two questions about said material on this exam?
- Partnership tax rules apply the aggregate approach and disregard the entity approach.
- Income from flow through entities is taxed only when it flows through to owners of these entites. True or false
- A partnership can elect to amortize organization, startup costs and syndication costs.
- Guaranteed payments are included in the calculation of a partnership’s ordinary business income (loss) but not treated as a separately stated item.
- A partner’s outside basis must be increased by any positive basis adjustments and decreased by any distributions.
- Which of the following would be classified as a separately-stated item?
- The purpose of hot asset rules is to ensure that selling partners recognize all gain or loss on the sale of their partnership interests as ordinary.
- Which of the following assets would be classified as hot assets?
- In which type of distribution may a partner never recognize a loss on the distribution?
- Whitney is a 25% partner in WRW. On January 1, WRW distributes $80,000 cash to Whitney. WRW has no hot assets or liabilities at the date of the distribution. Whitney’s basis in WRW is $56,000. What is the amount and character of the gain or loss?
- Roxy operates a dress shop in Arlington, Virginia. Roxy also ships dresses nationwide. Roxy's Virginia sales are $1,200,000 and out-of-state sales are $204,000. Virginia's sales tax rate is 5 percent, what is Roxy's Virginia sales and use tax?
- The Federal transfer taxes are calculated using both transfers in the current year and transfers in previous years.
- For 2019 the exemption equivalent for the gift tax is $11.4 million.
- The probate estate includes all real and personal property owned by the decedent at the time of death.
- The gross estate includes the entire value of real property owned by a decedent and spouse in joint tenancy with the right of survivorship.
- To qualify as a completed gift, property must be irrevocably relinquished by the donor and accepted by the donee.
- The annual exclusion eliminates any gratuitous transfer of a present interest in property.
- A withdrawal of money from a bank account held in joint tenancy with the right of survivorship can constitute a completed gift.
- A serial gift strategy consists of arranging gifts to minors to maximize the value of the applicable (unified) credit.
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