By Shirley Dennis-Escoffier, Karen Fortin
Taxation for choice Makers, 2017 Edition is designed for a one-semester, introductory tax path excited by decision-making at both the undergraduate or graduate point. this article introduces all proper tax themes lined at the CPA examination, and moves the ideal stability among recommendations and information. Tax suggestions and functions are offered in a transparent, concise, student-friendly writing type with adequate technical element to supply a origin for destiny perform in taxation and consulting whereas now not overwhelming the scholar with seldom-encountered minutia.
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Extra resources for Taxation for Decision Makers
Gary reports the operating income and expenses on Schedule C, resulting in a net profit of $60,000 ($100,000 – $40,000). Gary must report all of the $60,000 net profit from his business on his Form 1040, where he computes taxable income for the year, even though he withdrew only $50,000. Gary must also pay self-employment tax on the $60,000 net business profits. A tax advantage for a sole proprietorship is that a business loss can reduce or shelter the taxpayer’s other income in calculating taxable income for the individual.
The partner’s basis is then increased by any income or gains that flow through to the partner and is decreased by any losses and distributions. The deduction for losses that flow through is limited to the partner’s basis in the partnership interest (after all adjustments for gains, income, and distributions) because the partner’s basis can never be negative. Once a partner’s basis is reduced to zero, no additional loss can be deducted. This excess loss is carried forward until the partner again has positive basis.
Similar to a sole proprietor, a general partner must also pay self-employment taxes on his or her share of partnership profits. Thus, if profits are retained in the business, the partners must pay taxes on these retained profits, even though they receive no cash distributions. These profits can be distributed at a later date, however, without incurring a second tax. EXAMPLE 29 Ginny owns a one-third interest in the PEP Partnership. The partnership reports $21,000 of income for the current tax year but makes no distributions to the partners.
Taxation for Decision Makers by Shirley Dennis-Escoffier, Karen Fortin