accounting quizes on partnerships and corporations

Feb 3rd, 2012
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American Pathways University
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it deals with multiple questions dealing with paartnerships and corptorations for example . Discuss the formation of a partnership. Is any gain or loss recognized? Explain? 2. What entity forms are considered partnerships for federal income tax purposes? 3. How does taxation for the corporate form and the partnership form differ? every question has been answered

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CHAPTER 14DISCUSSION QUESTIONS AND PROBLEMSDiscussion Questions1. Discuss the formation of a partnership. Is any gain or loss recognized? Explain?2. What entity forms are considered partnerships for federal income tax purposes?3. How does taxation for the corporate form and the partnership form differ?4. What is the concept of basis? In your discussion, differentiate between outside basis and inside basis. 5. Elaborate on the term basis-in - basis-out. What does that phrase mean in the context of a partnership formation? 6. How can two partners, each with a 50% interest in a partnership, have different amounts of outside basis at the formation of a partnership? Shouldn't the two partners contribute the same amount to have the same interest?7. When a partnership receives an asset from a partner, does the partnership ever recognize a gain? What is the basis of the asset in the hands of the partnership after contribution?8. Discuss the concept of steps into the shoes. Does how this concept pertains to the partnership, the partners, or both?9. Why would smaller partnerships (and other businesses for that matter) use only the tax basis of accounting, which does not follow GAAP? 10. How is depreciation calculated by the partnership when a partner contributes a business asset? 11. Discuss the concepts of ordinary income and separately stated items concerning partnerships. When must a partnership item of income or loss be separately

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