Even though NASAA claims that their Series 65 and 66 exams are not based on memorization, their exams sure do churn out their share of mindless memorization questions. Like this one:
A limited partnership uses which of the following forms when reporting taxable income?
A. 1040
B. 1120
C. 1065
D. 1031
EXPLANATION: the 1040 is used by individuals and sole proprietors. A 1031 tax-free exchange can be done on real estate investments, and the 1120 is used by corporations. Form 1065 is used by partnerships.
ANSWER: C
Showing posts with label taxation. Show all posts
Showing posts with label taxation. Show all posts
Wednesday, December 30, 2009
Subscribe to:
Posts (Atom)