Treated as a partnership for federal tax purposes

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Reference no: EM131686524

1. In the current year, Juanita and Joseph form a two-member LLC and do not file Form 8832 (Entity Classification Election). As a result, the LLC will be treated as a partnership for Federal tax purposes. Assess the validity of this statement

2. A taxpayer sells a warehouse for a recognized gain. Depreciation has been properly claimed on the property, based on the straightline method over a 39 year recovery period.Will the same amount of depreciation recapture result whether the tax payer or a C corporation? Explain.

Reference no: EM131686524

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