1. When do owners of a partnership get the tax benefit of claiming apartnership business loss? What does the partnership entity do with the loss?
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1. When do owners of a
2. When do owners of a corporation get the tax benefit of claiming a corporate business loss? What does the corporate entity do with the loss?
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- How do business owners determine their taxable income from their business ventures? How does this translate to not-for-profit entities?What is the legal relationship of a sole proprietorship to its owner? A. The owner and the sole proprietorship are considered to be the same legal entity. B. A sole proprietorship can survive the death of its owner. C. The owner can shelter profits of a sole proprietorship from taxation. D. Then owner is not liable for debts incurred by the sole proprietorship.What is the tax impact to a C corporation or an S corporation when it makes a (noncash) property distribution to a shareholder? Multiple Choice Recognizes either gain or loss. Does not recognize gain or loss. Recognizes gain but not loss. Recognizes loss only.
- Tt. a. What amount of gain or loss does BLI recognize if the transaction is structured as a stock sale to Amy and Brian? What amount of corporate-level tax does BLI pay as a result of the transaction? b. What amount of gain or loss does Ernesto recognize if the transaction is structured as a stock sale to Amy and Brian?Explain the tax implications of a company and partnership type of business.What is the main difference between the way a partnership is taxed versus the way a corporation is taxed?
- What type of taxpayers (entities) are affected by the passive loss rules? What is the significance of a closely held corporation with regard to the deductibility of passive losses?Which of the following statements is true of a sole proprietorship? A. A sole proprietorship has to pay business income taxes. B. A sole proprietorship joins two or more individuals as co−owners. C. The sole proprietor is personally liable for the liabilities of the business. D. A sole proprietorship is taxed separately from the owner.The tax rules for determining business income are identical to those used for determining property income True or False? When property acquired for personal use is sold for more than its cost, there will be a taxable capital gain True or False?
- Describe the three hurdles partner John must pass if he wants to deduct a loss from his share in an S corporation. What other loss limitation rule may impact the deductibility of losses from an S corporation?From a tax perspective, and disregarding other issues such as limited liability, does it always make sense to operate businesses in a separate business entity, such as a C corporation? When might it be better to be a sole proprietor?What is qualified business income deduction in taxation/accounting? And, how is it used to reduce their taxable income?
