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16 Cards in this Set
- Front
- Back
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general partnership, limited liability p'ship, limited p'ship, limited liab limited p'ship, llc
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entities taxed as p'ships
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type of return for a p'ship to file
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form 1065, due april 15
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the tax treatment of a partner receiving a partnership interest in exchange for services to the partnership
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becomes ordinary income
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type of return for an S corp to file
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form 1120S
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who is not eligible for an S corp election
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insurance company, banks, foreign corp
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who can be a s/h of an S corp
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members of family, resident individuals, estates, certain trusts
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who cant be a s/h of an S corp
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p'ships, corps, non resident aliens, IRAs
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how to make an S election
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file form 2553 with 100% consent of s/h
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when is S election filed
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before effective date of election or by 2 months 15 days after effective date (24 month extension)
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which cash distributions are taxed
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Acc. E&P taxed as dividend
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what does tax exempt income and life insurance proceeds affect
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other adjustment account (not AAA)
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when an S corp liquidates, what disappears
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PTI, AAA, AEP, and suspended losses
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what changes the annual exlcusion amount of 13,000
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index for inflation
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what deductions are available for gift tax purposes
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charitable deduction, marital deduction, annual exclusion of 13,000
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splitting girfts are treated how
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must be married - giving 1/2 a gift; must make affirmative election
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upon death, heirs receive what kind of basis
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a stepped up basis
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