South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
42nd Edition
ISBN: 9781337702546
Author: James C. Young, William H. Hoffman, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
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Chapter 20, Problem 5DQ
To determine
Describe limited liability companies (LLC) primary tax and non-tax advantages.
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3.
Which of the following would be considered an advantage of the sole proprietorship form of organization?
unlimited liability
wide access to capital markets
profits taxed at only one level
a pool of expertise
2. Chapter TF, Section .01, Problem 004 Partnerships and proprietorships generally have a tax advantage over corporations. Oa. True Ob. False
An S corporation avoids taxes at
a.
none of the choices.
b.
the corporate level.
c.
the market level.
d.
the shareholder level
Chapter 20 Solutions
South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
Ch. 20 - Prob. 1DQCh. 20 - LO.1 Sylvia and Trang want to enter into business...Ch. 20 - Prob. 3DQCh. 20 - Prob. 4DQCh. 20 - Prob. 5DQCh. 20 - Prob. 6DQCh. 20 - LO.3, 4, 5 Contrast the income taxation of...Ch. 20 - LO.3, 8, 9 The taxpayer has generated excess...Ch. 20 - Prob. 9DQCh. 20 - Prob. 10DQ
Ch. 20 - Prob. 11DQCh. 20 - Prob. 12DQCh. 20 - Prob. 13DQCh. 20 - Prob. 14DQCh. 20 - Prob. 15DQCh. 20 - Prob. 16DQCh. 20 - Prob. 17DQCh. 20 - Prob. 18DQCh. 20 - Prob. 19DQCh. 20 - Prob. 20DQCh. 20 - Prob. 21DQCh. 20 - Prob. 22DQCh. 20 - Prob. 23DQCh. 20 - Blaine, Cassie, and Kirstin are equal partners in...Ch. 20 - Prob. 25DQCh. 20 - LO.3 Green Corporation, a calendar year taxpayer,...Ch. 20 - Prob. 27CECh. 20 - Banana Corporation is a May 31 fiscal year...Ch. 20 - LO.4 Gold and Silver are two unrelated calendar...Ch. 20 - Maroon Corporation is a calendar year taxpayer....Ch. 20 - Prob. 32CECh. 20 - Prob. 33CECh. 20 - Prob. 34CECh. 20 - Drab Corporation, a calendar year S corporation,...Ch. 20 - Kim is a 40% shareholder in Taupe Corporation, a...Ch. 20 - Prob. 37CECh. 20 - LO.3, 4, 5 Using the legend provided below,...Ch. 20 - LO.3 Garnet has the following capital asset...Ch. 20 - LO.3, 8 Citron, a calendar year taxpayer, began...Ch. 20 - LO.3 Taupe, a calendar year taxpayer, has a...Ch. 20 - LO.3, 8 Robin had the following capital...Ch. 20 - Prob. 43PCh. 20 - Prob. 44PCh. 20 - Prob. 45PCh. 20 - Prob. 46PCh. 20 - Prob. 47PCh. 20 - Prob. 48PCh. 20 - Prob. 49PCh. 20 - Prob. 50PCh. 20 - Prob. 51PCh. 20 - Prob. 52PCh. 20 - Prob. 53PCh. 20 - Prob. 54PCh. 20 - During the current year, Thrasher (a calendar...Ch. 20 - Prob. 56PCh. 20 - Jim Olsen owns all of the stock in Drake, a...Ch. 20 - Prob. 58PCh. 20 - Prob. 59PCh. 20 - LO.9 The Pheasant Partnership reported the...Ch. 20 - Prob. 61PCh. 20 - Prob. 62PCh. 20 - Prob. 63PCh. 20 - Prob. 1RPCh. 20 - Prob. 2RPCh. 20 - Prob. 3RPCh. 20 - Prob. 5RPCh. 20 - On January 1, year 5, Olinto Corp., an accrual...Ch. 20 - Prob. 2CPACh. 20 - Prob. 3CPACh. 20 - Prob. 4CPACh. 20 - Prob. 5CPACh. 20 - Prob. 6CPACh. 20 - Prob. 7CPA
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- 4. Explain how these types of business may affect tax liability: a. Sole proprietor b. Partnership c. Limited liability partnership d. Companyarrow_forwardWhy corporations are liable to pay double tax?arrow_forward1. Gain on sale of shares of domestic corporation directly sold to a buyer is subject to what kind of tax? * a. Basic Income Tax (BIT) b. Capital Gains Tax (CGT) c. 8% Preferential Tax d. Real Property Tax (Local Tax) e. None of the abovementioned choices 2. Gain on sale of an unlisted shares from a non-listed Domestic Corporation is subject to what kind of tax? a. Basic Income Tax (BIT) b. Capital Gains Tax (CGT) c. 8% Preferential Tax d. Real Property Tax (Local Tax) e. None of the abovementioned choices 3. Gain on sale of shares of a closely-held corporation is subject to what kind of tax? a. Basic Income Tax (BIT) b. Capital Gains Tax (CGT) c. 8% Preferential Tax d. Real Property Tax (Local Tax) e. None of the abovementioned choicesarrow_forward
- LO.3 What limits exist on the deductibility of executive compensation? Do the limits apply to all types of business entities? Are there any exceptions to the limitations? Explain.arrow_forwardWhich characteristic of a corporation is a disadvantage? a. Mutual agency b. Double taxation c. Limited liability d. None are disadvantages.arrow_forwardQUESTION 10 Which of the following is an organizational disadvantage of a corporation? A. Taxable entity B. Separate legal entity C. Relative ease of ownership transfer D. Limited liability of ownersarrow_forward
- An S corporation is subject to the following tax(es). a.Corporate income tax. b.Built-in gains tax. c.Alternative minimum tax. d.None of these choices are correct.arrow_forwardWhich of the following is true for a Limited Liability Company (LLC)? business income is taxed at the corporate rate the owners have unlimted liability the company is limited in its liability business incomes is taxed at the individuals personal rate none of the abovearrow_forward10. What are Corporate Tax Rates? What tax rates do individuals pay on Dividends?arrow_forward
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