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Question: 10 one of your tax clients has asked you...

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10 - One of your tax clients has asked you a question about terminating his partnership interest. All of the following may result in the termination of a partnership interest, except:

a)Retirement by a partner

b)Death of a partner

c)Sale of partnership interest

d)Divorce and remarriage of partner

11- When preparing tax forms, which of the following is not a tax accounting election a new partnership must make?

a)Accounting Method

b) Inventory Method

c) Tax Year

d) Tax-exempt status

13- When preparing tax forms, how much of a corporation's net capital loss of $10,000 can be keyed into the software to directly offset ordinary income if there are 3 shareholders?

a) 0

b)3,333

c)6,000

d)10,000

15- Which of the following is not generally a factor in business entity selection?

a) Ease of information

b)Limited Liability Protection

c) Nature of business

d)Pass-through taxation

16 - All of the following are wealth planning tools except

a)Carry over trusts

b) Family Limited partnership

c)Generation skipping tax

d) serial gifts

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