FINALS- MATCHING TYPE

Question 1

Column A Column B
1. Estate A. Legal arrangement with a trustee
2. Beneficiary B. Has equitable title to property
3. Fiduciary C. Holds estate in trust for others
4. Trust D. Excludes heirs’ income from property transfer
5. Revocable Trust E. Can be canceled by the grantor
6. Gross Income F. Sum of estate’s income items
7. Estate Tax G. Tax on property transfer value
8. Judicial Settlement H. Legal process for estate closure
9. Co-ownership I. Shares estate among co-owners
10. Irrevocable Trust J. Cannot be altered after creation

Answer 1

1-C, 2-B, 3-C, 4-A, 5-E, 6-F, 7-G, 8-H, 9-I, 10-J

Question 2

Column A Column B
1. General Professional Partnership a. Partnership taxed as corporation
2. Optional Standard Deduction (OSD) b. Limited to preservation activities, taxed individually
3. General Co-Partnership c. Deduction choice up to 40% gross income
4. Pass-Through Entity d. Profits taxed as dividends to partners
5. Distributive Share e. Income passed directly to partners
6. Co-Ownership f. Partners’ portion in GPP net income
7. Itemized Deduction g. GPP deduction method, individual expenses
8. Corporate Tax Treatment h. Tax-free income status when limited to preservation activities
9. Annual Information Return i. Document detailing partner shares and GPP income
10. Constructive Receipt j. Tax concept where income is taxed when available, even if not received

Answer 2

1-e, 2-c, 3-a, 4-e, 5-f, 6-b, 7-g, 8-d, 9-i, 10-j

Question 3

Column A Column B
1. Royalties a. Payments for intellectual property use
2. Interest b. Payments from investments
3. Gains from property dealings c. Sale of property at a profit
4. Dividends d. Shareholder profits
5. Compensation in kind e. non-cash payments for services
6. De minimis benefits f. Small-value employee benefits
7. Fringe benefits g. Additional employee perks
8. Rental income h. Income from tenant payments
9. Pensions i. Retirement payments
10. Payroll period j. Time interval for wage computation

Answer 3

1-a, 2-b, 3-c, 4-d, 5-e, 6-f, 7-g, 8-h, 9-i, 10-j

Question 4

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1. Estate

Answer 4

C. Holds estate in trust for others

Question 5

2. Beneficiary

Answer 5

B. Has equitable title to property

Question 6

3. Fiduciary

Answer 6

C. Holds estate in trust for others

Question 7

4. Trust

Answer 7

A. Legal arrangement with a trustee

Question 8

5. Revocable Trust

Answer 8

E. Can be canceled by the grantor

Question 9

6. Gross Income

Answer 9

F. Sum of estate’s income items

Question 10

7. Estate Tax

Answer 10

G. Tax on property transfer value

Question 11

8. Judicial Settlement

Answer 11

H. Legal process for estate closure

Question 12

9. Co-ownership

Answer 12

I. Shares estate among co-owners

Question 13

10. Irrevocable Trust

Answer 13

J. Cannot be altered after creation

Question 14

1. General Professional Partnership

Answer 14

e. Income passed directly to partners

Question 15

2. Optional Standard Deduction (OSD)

Answer 15

c. Deduction choice up to 40% gross income

Question 16

3. General Co-Partnership

Answer 16

a. Partnership taxed as corporation

Question 17

4. Pass-Through Entity

Answer 17

e. Income passed directly to partners

Question 18

5. Distributive Share

Answer 18

f. Partners’ portion in GPP net income

Question 19

6. Co-Ownership

Answer 19

b. Limited to preservation activities, taxed individually

Question 20

7. Itemized Deduction

Answer 20

g. GPP deduction method, individual expenses

Question 21

8. Corporate Tax Treatment

Answer 21

d. Profits taxed as dividends to partners

Question 22

9. Annual Information Return

Answer 22

i. Document detailing partner shares and GPP income

Question 23

10. Constructive Receipt

Answer 23

10. Constructive Receipt j. Tax concept where income is taxed when available, even if not received
    Answers:

Question 24

1. Royalties

Answer 24

a. Payments for intellectual property use

Question 25

2. Interest

Answer 25

b. Payments from investments

Question 26

3. Gains from property dealings

Answer 26

c. Sale of property at a profit

Question 27

4. Dividends

Answer 27

d. Shareholder profits

Question 28

5. Compensation in kind

Answer 28

e. non-cash payments for services

Question 29

6. De minimis benefits

Answer 29

f. Small-value employee benefits

Question 30

7. Fringe benefits

Answer 30

g. Additional employee perks

Question 31

8. Rental income

Answer 31

h. Income from tenant payments

Question 32

9. Pensions

Answer 32

i. Retirement payments

Question 33

10. Payroll period

Answer 33

j. Time interval for wage computation