A partnership * O has only one owner. O pays taxes on partnership income.

Will you consider a partnership as a taxpayer? Yes or No.

Partnerships will often make guaranteed payments to the partners. What are guaranteed payments and how are they handled for tax purposes?

Tax Drill - Effect of Partnership Operations on Basis Indicate whether the following items "Increase" or "Decrease" a partner's basis in the partnership. a.   A partner's proportionate share of nondeductible expenses.   b.   A partner's proportionate share of any increase in partnership liabilities.   c.   A partner's proportionate share of partnership income.   d.   A partner's proportionate share of any reduction in partnership liabilities.

Which statement is true with respect to the tax treatment of a partnership __________?     A partnership files an annual information return and the income and expenses associated with the business are reported on the Partners' individual returns.     A partnership is required to pay tax annually on its taxable business income     A partnership is required to pay tax on gains from the sale of partnership owned assets     None of the above

Which of the following apply to a partnership that consists solely of general partners?  I. Double taxation of partnership profits. II. Limited partnership life. III. Active involvement in the firm by all the partners. IV. Unlimited personal liability for all partnership debts. Group of answer choices II and III only. II only. II, III, and IV only. I and II only. I, II, and IV only.

1. What is KW Partnership’s ordinary business income (loss)? 2. Which of the following items are separately stated?

What is the difference between the aggregate and entity theory of partnership taxation? Can you please provide two examples of how partnership tax rules reflect the aggregate theory and two examples of how they reflect the entity theory.

Which of the following is an election or calculation made by the partner rather than the partnership? Calculation of a section 199A(qualified business income) deduction amount. Claiming a section 179 deduction related to property acquired by the partnership. Tax treatment (e.g., credit, amortization) of research and experimental costs. The partnership's accounting method (e.g.. cash, accrual).

Which of the following is a disadvantage of general partnerships? a) A partner who withdraws from a partnership cannot be held liable for any debts the firm had at the time of withdrawal. b) Compared to the other forms of ownership, the paperwork and costs involved in forming a general partnership are the most extensive. c) All general partners have unlimited liability for the debts and obligations of their business. d) The partners in a general partnership are exposed to double taxation.