How does a partnership make a tax election for the current year?
A. Partnerships make certain tax elections by filing a separate form with the IRS.
B. Partnerships make certain elections automatically by simply filing their returns.
C. Partnerships do not make tax elections. Partners must make tax elections separately.
D. Partnerships do not need to file anything to make a tax election.
E. Both partnerships make certain elections automatically by simply filing their returns and partnerships make certain tax elections by filing a separate form with the IRS.
Answer: E
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Your client Ming is a complex trust that operates exclusively in the United States. Make a list of five or more tax planning opportunities that you might suggest to Ming.
What will be an ideal response?
If a seller requires an intermediary to purchase a supplementary product to qualify to purchase the primary product the intermediary wishes to buy, it results in ________.
A. a tying contract B. channel disintermediation C. exclusive dealing D. vertical integration E. exclusive territory
If the general partnership is bound by a contract, then each individual general partner has unlimited personal liability for that obligation
a. True b. False Indicate whether the statement is true or false
A double-entry accounting system is an accounting system:
A. That insures that errors never occur. B. That records the effects of transactions and other events in at least two accounts with equal debits and credits. C. In which each transaction affects and is recorded in two or more accounts but that could include two debits and no credits. D. That records each transaction twice. E. That may only be used if T-accounts are used.