Module 10B: Introduction to Woodlot - Income Tax and Estate Planning

Results

This person got 8 of 10 possible points.
Total score: 80 %

Question Results

Score 1 of 1

Question:

An individual who sets up a proprietorship is placing his/her personal assets at risk.

Response:

True

False

Score 1 of 1

Question:

Under a proprietorship, business income and losses are lumped together with personal income.

Response:

True

False

Score 1 of 1

Question:

Under a partnership, a member’s personal assets are at risk if the partnership undergoes business failure.

Response:

True

False

Score 1 of 1

Question:

Under a partnership, a separate tax return must be filed.

Response:

True

False

Score 1 of 1

Question:

A corporation must file its own income tax return.

Response:

True

False

Score 0 of 1

Question:

Partnerships and proprietorships always qualify for the $750,000 capital gains deduction.

Response:

True

False

Score 1 of 1

Question:

If you were to change your proprietorship to a corporation, there would be immediate tax consequences.

Response:

True

False

Score 0 of 1

Question:

If a proprietorship had a business loss in 2008, he/she could carry the loss.

Response:

back three years and forward seven

back three years and forward twenty

back seven years and forward indefinitely

can't use the loss for another year

Score 1 of 1

Question:

Business losses arising from a part-time farming operation can be used to offset any other personal income up to a limit of:

Response:

$17,500

$7,500

$8,750

$10,000

Score 1 of 1

Question:

Cars and trucks used on highways qualify for an investment tax credit equal this percentage of the purchase price:

Response:

15%

35%

20%

10%