so A real estate partnership return for individual partners is called a: a) 1099
ID: 2804691 • Letter: S
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so A real estate partnership return for individual partners is called a: a) 1099 B b) Corp. Return H-1 c) K-1 d) 1098-H-1 e) None of the above 40. A retail building has a net income of $2,300 per month, with the tenant paying all expenses (triple net taxes, insurance, and repairs) which total $1,600 per month. What cash price would a buyer pay seeking a gross rent multiplier of 8? a) $220,800 b) $232,000 c) $345,000 d) $374,400 e) $585,000 41. If Baen fully depreciates a rent house structure to Zero, and then sells it to you, what depreciation per year over land value do you get by buying it from me? a) None - used up by Baen! b) Depreciation starts over! c) Land Value Only! d) Baen's original structure value at his Time Zero )! e) None of the above! 42. If you accept a note receivable or owner financed note/mortgage for part of your profits on a sale, the IRS treats each payment as: a) Interest ordinary income b) Capital gains, taxed at capital gain rate c) Return of investment as non-taxable income d) All of the above e) None of the above 43. On an annual tax return, Interest paid during the construction stage of a commercial project is: a) Deductible, as is more interest deductible against income b) Capitalized like sticks and bricks and is part of basis-No deductible c) Deferrable until the building is sold - converted to cost of sale d) Expensed as an operating expense e) All interest in real estate is deductible in real estate!Explanation / Answer
39.
1099 B: This is used for share transaction only.
H – 1: The form is used in mining operation.
K – 1: This form is used in partnership business for reporting of partner’s incomes, losses, and dividends received. It is filed by each individual partner.
1098-H-1: This form is used in mortgage interest receiving.
Since the return is relating to partnership, the form would be K-1.
Answer: c
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