Reg O

Question 1

Defense a surety can assert to limit the liability

Answer 1

Incapacity of the surety

Question 2

Partnership with no define term

Answer 2

Partnership at will

Question 3

Tax exempt organization

Answer 3

Can exempt the entiee income from tax on unrelated business income

Question 4

Fair value of appreciated long-term stock

Answer 4

the deduction is limited to 30% of adjusted gross income

Question 5

Non-like-kind exchanges

Answer 5

FMV + boot

Question 6

Like kind-exchanges

Answer 6

Tax basis - Boot

Question 7

Suspended loss

Answer 7

Se prorratear entre las dos

Question 8

Overpayment

Answer 8

Report complete payment in year 1 and report refund in year 2

Question 9

fob shipping contract, the risk of loss passes to the buyer when the goods

Answer 9

Are delivered to the carrier

Question 10

Distribution

Answer 10

No se divide

Question 11

Estate are allowed to elect

Answer 11

Calendar year or fiscal year

Question 12

Trust are allowed to elect

Answer 12

fiscal year

Question 13

Bad debt deduction

Answer 13

Only actual write off

Question 14

Involuntary bankruptcy

Answer 14

3 o more people needed if there 12 creditor( need 15775)

Question 15

Partnership realized gain

Answer 15

Cash received + parte de la deuda

Question 16

Rollover cost basis

Answer 16

Se corre si en el caso de los regalo

Question 17

seguro social tax base

Answer 17

Se deduce del net profit del self-employment

Question 18

Passive losses could offset nonpassive income

Answer 18

If taxpayer participate actively up to the excess of 100,000

Income 100,000-15,000 50% deduction

Question 19

Section 179

Answer 19

2,550,000

Question 20

What % you need yo reclaim a dependant

Answer 20

More than 10%

Question 21

Máximum nontaxable coverage

Answer 21

50,000

Question 22

Ira distribution

Answer 22

Ordinary income