E Mr. lamb and two other individuals formed a business by each contributing $30000. The business...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
E Mr. lamb and two other individuals formed a business by each contributing $30000. The business provides limited liability for all three individuals. The business is a pass-through entity for federal income tax purposes. In the first year of the business, Mr. Lamb was allocated 50% of the income, even though he only has a one-third interest. This entity is a(n): @ Sole proprietorship. @ Limited Partnership. @S Corporation. @ Limited Liability Company. E Mr. lamb and two other individuals formed a business by each contributing $30000. The business provides limited liability for all three individuals. The business is a pass-through entity for federal income tax purposes. In the first year of the business, Mr. Lamb was allocated 50% of the income, even though he only has a one-third interest. This entity is a(n): @ Sole proprietorship. @ Limited Partnership. @S Corporation. @ Limited Liability Company. E Mr. lamb and two other individuals formed a business by each contributing $30000. The business provides limited liability for all three individuals. The business is a pass-through entity for federal income tax purposes. In the first year of the business, Mr. Lamb was allocated 50% of the income, even though he only has a one-third interest. This entity is a(n): @ Sole proprietorship. @ Limited Partnership. @S Corporation. @ Limited Liability Company. E Mr. lamb and two other individuals formed a business by each contributing $30000. The business provides limited liability for all three individuals. The business is a pass-through entity for federal income tax purposes. In the first year of the business, Mr. Lamb was allocated 50% of the income, even though he only has a one-third interest. This entity is a(n): @ Sole proprietorship. @ Limited Partnership. @S Corporation. @ Limited Liability Company.
Expert Answer:
Answer rating: 100% (QA)
From the details provided the entity Mr Lamb and the other individuals formed is most likely a Limited Liability Company LLC Heres why Key indicators ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
For the force system shown in the figure, the following additional data are given: M Z Z N.m 25 F1 N 5 N 10 F2 N Xr is equal to (in m) 8 F1 N (2.3m, 5.0m) (4.5m, 2.5m) (1.0m, 0m) Xr M N.m R (7.0m,...
-
An American was hitchhiking in Italy and got picked up by an Italian truck driver. The American spoke no Italian, but was fluent in Spanish. He and the truck driver (who spoke no English or Spanish)...
-
I was wondering if someone could help me with these questions listed below. The questions should be answered with a minimum of two paragraphs each. Cultural Constructions of Gender and Sexuality in...
-
In Exercises 8586, find a. (f g)(x); b. (g f)(x); c. (f g)(3). f(x) = x 2 + 3, g(x) = 4x - 1
-
The 32 teams in the National Football League (NFL) are worth, on average, $1.17 billion, 5% more than last year. The following data show the annual revenue ($ millions) and the estimated team value...
-
what ways do racialized social structures, such as racial segregation, discrimination, and racialized capitalism, perpetuate systemic inequalities and shape individual life chances and opportunities ?
-
A Gallup poll taken in May 2016 asked 1025 adult Americans to state their opinion on the availability of abortions. The following table presents the results, along with the proportions of people who...
-
Break-Even Assume a firm is considering a new project that requires an initial investment and has equal sales and costs over its life. Will the project reach the accounting, cash, or financial...
-
Describe the change method/theory you feel would be the most effective in a large organization, and why. Describe how you would create an intrapreneurship mindset within a larger organization....
-
Solve Prob. 411 using singularity functions. Use statics to determine the reactions. Prob. 411, A simply supported beam loaded by two forces is shown in the figure. Select a pair of structural steel...
-
1. As Caroline Byrne, what action would you take regarding the email from Stephen West and why? 2. Why has Stephen West reduced his price twice within the last week? 3. Do you think Stephen West knew...
-
What are the characteristic of RFLP analysis?
-
Determine cost of goods sold and ending inventory using FIFO, LIFO, and average-cost in a periodic inventory system and assess financial statement effects. Vista Company Inc. had a beginning...
-
What factors when combined increase your risk of injury by 10 times?
-
People magazine sells annual subscriptions. The magazine subscription fees were collected in advance and had a balance of $5,000,000 on December 31, 2015. The magazine received $3,5000,000 in cash...
-
Super Goods Ltd ( SGL ) has decided to raise new capital by making a placement of ordinary shares to Cubic Investments Ltd ( CIL ) . The placement increases the number of SGL shares on issue by 9 %...
-
Case Analysis - Pagoda.Com Introduction Pagoda.com is an Internet Service Provider (ISP) that caters to individual consumers and small businesses who require a high level of service and are willing...
-
At Glass Company, materials are added at the beginning of the process and conversion costs are added uniformly. Work in process, beginning: Number of units Transferred - in costs Direct materials...
-
Quince Corporation has taxable income of $450,000 for its 2012 calendar tax year. Calculate the corporation's income tax liability for 2012 before tax credits. $_________
-
Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2012, Diane's wages are $17,100 and she receives dividend...
-
Sally and Charles Heck received the following dividends and interest during 2012: Assuming the Hecks file a joint tax return, complete Schedule B of Form 1040 (on page 2-33) for them for the 2012 tax...
-
Identify the documents and records that provide a basis of authorization and control in the four functions that culminate in transferring completed production to finished goods.
-
What controls are important in protecting inventories and maintaining the correctness of inventory balances?
-
What factors should be considered by an auditor in specifying the acceptable level of detection risk for assertions pertaining to (a) merchandise inventory and (b) manufactured finished goods...
Study smarter with the SolutionInn App