Sally is a calendar-year taxpayer who owns a 30% capital and profits interest in the SEM Partnership. Eric sells the remaining 70% capital and profits interest to Michelle on October 3. The partnership year-end is March 31 as permitted by the IRS for business purposes. Which of the following statements is correct?
A) Sally must conform her tax year with the partnership tax year.
B) The new partnership is a continuation of the old partnership.
C) Sally's tax return will include a partnership distributive share only for the period ending March 31.
D) Sally's tax return will include partnership distributive shares for periods ending March 31 and October 3.
D) Sally's tax return will include partnership distributive shares for periods ending March 31 and October 3.
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Which of the following is NOT part of the business market?
A) Scott Sign Systems sells interior signs to an Alabama resort. B) A municipal government buys chemicals for its city swimming pools. C) Sue buys a gift for her mother. D) A Canadian software company buys tickets to send a group of salespeople to make a presentation to a heavy equipment manufacturer in Japan. E) Airmark sells a vinyl printing press to a manufacturer of plastic bags.
Looking in company files for information is a waste of time
Indicate whether the statement is true or false
Nonwage extras given to employees by employers are called ____________________
Fill in the blank(s) with correct word
The closest approximation to the real, risk-free rate of interest is
A) the short-term Treasury bill rate plus the inflation rate. B) the short-term Treasury bill rate minus the inflation rate. C) the 10 year Treasury bond rate minus the inflation rate. D) the 10 year Treasury bond rate minus the 1 year Treasury bill rate.