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BUL 3310 BAILEY EXAM 4 FSU QUESTIONS AND ANSWERS 100% PASS
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BUL 3310 BAILEY EXAM 4 FSU QUESTIONS AND ANSWERS 100% PASS Which of the following statements about LLC's is false? LLC's are a relatively new form of business organization. There is an extensive body of law based on court decisions governing LLC's. Shareholders have no personal liability for ...

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  • December 21, 2024
  • 104
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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BUL 3310 BAILEY EXAM 4 FSU

QUESTIONS AND ANSWERS 100% PASS


Which of the following statements about LLC's is false?



LLC's are a relatively new form of business organization.



There is an extensive body of law based on court decisions governing

LLC's.



Shareholders have no personal liability for the debts of the LLC.



The LLC is not a taxable entity. - ✔✔There is an extensive body of law

based on court decisions governing LLC's.

Investors favor using Limited Partnerships to invest in commercial real

estate because they can use the depreciation of the property as a tax loss.



T or F - ✔✔True


1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

,Professional corporations are business entities organized under state law.



T/F? - ✔✔True

Allfam is a closely held family corporation, many of whose shareholders are

employees of the corporation. In an attempt to reduce its taxes, Allfam paid

its shareholder-employees enormous salaries and deducted the salaries as

a corporate expense. Is Allfam permitted to do this?



Yes, this is a legitimate way for closely held corporations to reduce their

taxes.



No, the IRS will disallow the deductions for unreasonably high salaries and

tax them as dividends.



No, the shareholder-employees will have do return the excess portion of

their salaries to the corporation.



No, the IRS will disallow the deductions for this year, but will allow the

corporation to treat them as carry-forward losses for next year. - ✔✔No, the



2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

,IRS will disallow the deductions for unreasonably high salaries and tax

them as dividends

Which of the following statements about the limited partner in a limited

partnership is FALSE?



Limited partners may participate fully in the management of the

partnership.



There must be at least one limited partner.



Limited partners must approve any changes to the partnership agreement.



Limited partnerships that invest in real estate are typically good tax shelters

for the limited partners. - ✔✔Limited partners may participate fully in the

management of the partnership.

Vic and Thom bought an antique Corvette at auction with the intent of

restoring it and selling it for a profit, which they will share equally. Vic and

Thom have formed a professional association.



T/F? - ✔✔False

3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

, Members of professional associations and professional corporations are

eligible under the Tax Code to participate in pension and profit-sharing

plans.



T/F? - ✔✔True

In a Limited Liability Company, the losses and profits pass through to the

shareholders.



T/F? - ✔✔True

The partnership must pay interest each year on the capital contributions of

the partners.



False - ✔✔False

If a partnership agreement does not say how losses will be shared, they will

be shared



Equally among the partners



Proportionately according to the capital contribution of each partner.



4
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

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