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