Question

Which of the following statements is true concerning the partnership representative (PR)? A. A PR is...

Which of the following statements is true concerning the partnership representative (PR)? A. A PR is not necessary in a 12 - person partnership B. The PR is designated on Form 1065 C. The PR must be designated by the IRS D. The PR must be designated in the partnership agreement

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer: B. The PR is Designated on Form 1065.

Explanations: As per the new Bipartisan Budget Act of 2015(BBA) which is effective for the taxable years beginning on or after January 1st, 2018 All the partnerships will have to designate a Partnership Representative in Form 1065 "U.S. Return of Partnership Income" while filling the return of the Partnership.

So only the statement in option B is correct.

* Pleas feel free to ask me if any more help is needed.

Thank You..!!

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Concerning a partnership's Form 1065, which of the following statements is not true? a.The partnership deducts...
Concerning a partnership's Form 1065, which of the following statements is not true? a.The partnership deducts its allowable business interest expense on Form 1065, page 1, and allocates any excess to the partners for carryover. b.The partnership's equivalent of taxable income is reported in the "Analysis of Income (Loss)." c.All taxable/deductible partnership income and expense items are reported on Form 1065, page 1. d.The partnership balance sheet on Schedule L is generally presented on a financial (book) basis. e.The partnership...
Concerning the test for a partner’s Interest in a partnership, which of the following statements is...
Concerning the test for a partner’s Interest in a partnership, which of the following statements is true
Which of the following statements is true concerning the recording of a budget? a. At the...
Which of the following statements is true concerning the recording of a budget? a. At the beginning of the year debit Appropriations. b. At the beginning of the year debit Estimated Revenues. c. Budget information is only recorded in the General Fund. d. Budgets should not be used as a means of evaluating performance.
Which of the following statements is true concerning the matching principle? a. All costs can be...
Which of the following statements is true concerning the matching principle? a. All costs can be indirectly matched with periods in which they provide a benefit. b. The association of assets for a period with the liabilities necessary to generate the assets is known as the matching principle. c. Cost of goods sold matched with sales revenue is a classic example of direct matching under the matching principle. d. All costs can be directly matched with revenue.
Which of the following statements is FALSE concerning the requirements of the atom bomb test (constructive...
Which of the following statements is FALSE concerning the requirements of the atom bomb test (constructive liquidation) of Regulation Section 1.752-1? A) Limited partners, not general partners, are deemed to have their interests liquidated, B) Partners must restore negative capital accounts after constructive liquidation, C) Partnership assets are considered to be worthless and sold for their worthless value, D) Partnership liabilities are deemed to be due and payable.
Which of the following statements is always true regarding accounting methods available to a partnership? a.        ...
Which of the following statements is always true regarding accounting methods available to a partnership? a.         If a partnership is a tax shelter, it cannot use the cash method of accounting. b.         If a non-tax-shelter partnership had “average annual gross receipts” of less than $26 million in the three years immediately preceding its calendar 2018 taxable year, it can use the cash method in 2018. c.         If a partnership has a partner that is a personal service corporation, it cannot...
Select ALL That Apply Which of the following statements would be true concerning compounds involved in...
Select ALL That Apply Which of the following statements would be true concerning compounds involved in calcium metabolism? A. The most life threatening consequence of hypocalcemia is reduced blood clotting. B. Vitamin D can be synthesized from a cholesterol derivative in the skin when exposed to sunlight. C. PTH facilitates the activation of vitamin D which is necessary for the absorption of calcium and phosphate in the gut. D. 1,25 dihydroxycholecalciferol is the carrier protein for calcium in the blood....
4. Which of the following statements is (are) true concerning the citric acid cycle? a. The...
4. Which of the following statements is (are) true concerning the citric acid cycle? a. The citric acid cycle is a strictly aerobic pathway b. In the Citric acid cycle, acetyl Co A is oxidized to CO2 c. The electron carriers NAD+ and FAD are used in the citric acid cycle d. all of the above e. none of the above
Which of the following statements is true concerning the efficient market hypothesis? a. Equilibrium rates of...
Which of the following statements is true concerning the efficient market hypothesis? a. Equilibrium rates of return prevail and securities sell at their "fair" value. b. Equilibrium rates of return prevail. c. Firms securities sell at their "fair" value. d. Financial investors cannot earn a positive return.
Which of the following statements concerning the payback period is NOT true     A.   The payback...
Which of the following statements concerning the payback period is NOT true     A.   The payback period is simple to calculate and understand.     B.   The payback period measures the time that a project will take to generate enough cash flows to cover the initial investment.     C.   The payback period ignores cash flows after the payback period has been achieved.     D.   The payback period takes account of the time value of money.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT