- This Is Us Tax And Law 1 (53.53 KiB) Viewed 35 times
This is US tax and law
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answerhappygod
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This is US tax and law
This is US tax and law
Kristen Pemberton: Attempt 1 Question 4 (1 point) Listen Mary was allocated income from her investment in Art Collections Group, a general partnership and Dynamo Sounds LLC, a limited liability company Assume that Mary did not receive any cash distributions from these entities in 2021. What best describes the tax treatment of the allocated income? Do not include the allocated income in gross income because she did not receive any cash distributions Include the allocated income in gross income, regardless of whether she received any cash distributions Include the allocated income in gross income only if she withdrew an equal amount during the 2021 tax year Mary can elect to include the amounts in her gross income but is not required to do so Question 5 (1 point) Listen Jack received an award for plant safety from Coca-Cola consisting of a watch and a cash award Using IRS Publication 525 what best describes the tax treatment of the watch and the cash award? Jack must include the cash award in his gross income However, Jack can exclude the value of the watch from his gross income, limited his employer's cost and cannot be more than $1,600 ($400 for awards that aren't qualified plan awards) for all such awards received during the year Jack can exclude the cash award and watch from his gross income because he received both during a ceremony and the total value is less than $1,600 Jack can exclude the cash award from his gross income but must include the value of the watch in his gross income
Kristen Pemberton: Attempt 1 Question 4 (1 point) Listen Mary was allocated income from her investment in Art Collections Group, a general partnership and Dynamo Sounds LLC, a limited liability company Assume that Mary did not receive any cash distributions from these entities in 2021. What best describes the tax treatment of the allocated income? Do not include the allocated income in gross income because she did not receive any cash distributions Include the allocated income in gross income, regardless of whether she received any cash distributions Include the allocated income in gross income only if she withdrew an equal amount during the 2021 tax year Mary can elect to include the amounts in her gross income but is not required to do so Question 5 (1 point) Listen Jack received an award for plant safety from Coca-Cola consisting of a watch and a cash award Using IRS Publication 525 what best describes the tax treatment of the watch and the cash award? Jack must include the cash award in his gross income However, Jack can exclude the value of the watch from his gross income, limited his employer's cost and cannot be more than $1,600 ($400 for awards that aren't qualified plan awards) for all such awards received during the year Jack can exclude the cash award and watch from his gross income because he received both during a ceremony and the total value is less than $1,600 Jack can exclude the cash award from his gross income but must include the value of the watch in his gross income
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