Business, 06.03.2021 03:30 LaytonHall79
Taxing Partnership Operation Partnership Taxable Years
Code References: §§ 444(a)-444(c) and 706(b)
Regulations: §§ 1.706-1T(a), 1.706-1T(b), 1.706-1T(d), 1.442-1 (b)(1 ), and 1.442-1(b)(2)
1. The Law Firm is a newly formed partnership with 25 equal lawyer partners. Each partner has a four percent interest in capital and profits. All partners are calendar year taxpayers. Assume that all partners are on the same fiscal year (a non calendar year). May the partnership adopt that fiscal year?
2. A has a fiscal year ending in October. B has a fiscal year ending in October. C has a calendar year. They form the ABC partnership with the following in-terests in capital and profits: A and B each have 48 percent, C has four percent. What is the partnership's taxable year? The partnership desires to adopt a fiscal year ending September 30th. What is the result?
3. Same as question 2 above, except that B has a fiscal year ending in June
4. The Cannery, a calendar year partnership, desires to change from a calendar year to a fiscal year ending November 30th. The partnership has a canning season which extends from June 1st to November 1st. All partners are calendar year partners. Is the Commissioner likely to grant approval?
5. Same as question 3 above, except that the partnership has a canning season from September 1st to April 1st and desires to change to a fiscal year ending April 30th.
Answers: 3
Business, 22.06.2019 11:50, Attaullah2519
Christopher kim, cfa, is a banker with batts brothers, an investment banking firm. kim follows the energy industry and has frequent contact with industry executives. kim is contacted by the ceo of a large oil and gas corporation who wants batts brothers to underwrite a secondary offering of the company's stock. the ceo offers kim the opportunity to fly on his private jet to his ranch in texas for an exotic game hunting expedition if kim's firm can complete the underwriting within 90 days. according to cfa institute standards of conduct, kim: a) may accept the offer as long as he discloses the offer to batts brothers. b) may not accept the offer because it is considered lavish entertainment. c) must obtain written consent from batts brothers before accepting the offer.
Answers: 1
Business, 22.06.2019 16:30, cadenbukvich9923
Why is investing in a mutual fund less risky than investing in a particular company’s stock?
Answers: 3
Business, 22.06.2019 20:40, ninjaben
On january 1, 2017, pharoah company issued 10-year, $2,020,000 face value, 6% bonds, at par. each $1,000 bond is convertible into 16 shares of pharoah common stock. pharoah’s net income in 2017 was $317,000, and its tax rate was 40%. the company had 97,000 shares of common stock outstanding throughout 2017. none of the bonds were converted in 2017. (a) compute diluted earnings per share for 2017. (round answer to 2 decimal places, e. g. $2.55.) diluted earnings per share
Answers: 3
Taxing Partnership Operation Partnership Taxable Years
Code References: §§ 444(a)-444(c) and 706(b)...
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