Partner's Taxable Income

Question 1

T/F Partnership separately stated items include rental activities/expenses?

Answer 1

T

Question 2

T/F Partnership separately stated items include Guaranteed Payments?

Answer 2

T

Question 3

T/F Partnership separately stated items include Interest Income?

Answer 3

T

Question 4

T/F Partnership separately stated items include Dividend Income?

Answer 4

T

Question 5

T/F Partnership separately stated items include Royalties?

Answer 5

T

Question 6

T/F Partnership separately stated items include NSTCG/L?

Answer 6

T

Question 7

T/F Partnership separately stated items include NLTCG/L?

Answer 7

T

Question 8

T/F Partnership separately stated items include Section 1231 G/L?

Answer 8

T

Question 9

T/F Partnership separately stated items include Portfolio Income, COD Income, Recovery Items, and Investment Income?

Answer 9

T

Question 10

T/F Partnership separately stated items include Section 179 Deductions?

Answer 10

T

Question 11

T/F Partnership separately stated items include Charitable Contribution Deduction?

Answer 11

T

Question 12

T/F Partnership separately stated items include Investment Expense Deduction?

Answer 12

T

Question 13

T/F Partnership separately stated items include Depletion on Oil and Gas Wells?

Answer 13

T

Question 14

T/F Partnership separately stated items include Foreign Income Taxes Paid or Accrued?

Answer 14

T

Question 15

T/F Partnership separately stated items include Tax-Exempt Income and Related Expenses?

Answer 15

T

Question 16

T/F Partnership separately stated items include Distributions?

Answer 16

T

Question 17

T/F Partnership separately stated items include Qualified items of income, gain, and loss for the qualified business income deduction (QBID)?

Answer 17

T

Question 18

How are Guaranteed Payments treated?

Answer 18

Subtracted as ordinary expenses for computing ordinary business income but are separately stated as income items to the respective partner

Question 19

How do self-employment taxes affect partnership distributive income and guaranteed payments and how does that compare to S Corps?

Answer 19

Self-employment taxes apply to both partnership distributive income and guaranteed payments whereas they only apply to S Corp wages but not distributive income.