Which of the following is the most convincing evidence of a partnership arrangement?
a. Two or more persons are co-owners of property used in a business.
b. Two or more persons have a written agreement regarding a fundraiser for charity.
c. Two or more persons carry on a business for profit, but they have no formal agreement.
d. Two person share a joint savings account in which they deposit money and share the interest.
c
You might also like to view...
Use the following table to answer the question(s) below. What decision should be made under minimax regret?
A. s1 s2 s3 B. d1 250 750 500 C. d2 300 -250 1200 D. d3 500 500 600
The employees of Eco Engineering Inc. share company-related resources among multiple computers without requiring a central network server. This is
A. digital sampling. B. cybersquatting. C. cloud computing. D. peer-to-peer (P2P) networking.
Which of the following is developing new guidelines that will require companies to divulge more complete and detailed information about their executive-compensation packages?
A. The Equal Employment Opportunity Commission B. The Securities and Exchange Commission C. The Office of Federal Contract Compliance Procedures D. The National Labor Relations Board
Meredith is a passive 30% member of the MNO LLC. She is not a managing member and she does not participate in any activities of the LLC. Her interest is more in the nature of an investment. In the current year, Meredith's distributive share of income from the LLC was $50,000 . In addition, she received a guaranteed payment of $40,000 for the use of her capital. Assume that her income from other
sources exceeds $500,000 . How much of Meredith's LLC income will be subject to the self-employment (SE) tax (under the Proposed Regulations) and the net investment income (NII) tax? (Disregard the additional Medicare tax.) a. $0 SE tax; $0 NII tax. b. $0 SE tax; $40,000 NII tax. c. $0 SE tax; $90,000 NII tax. d. $50,000 SE tax; $40,000 NII tax. e. $90,000 SE tax; $0 NII tax.