1. What is the primary source of tax law?
2. What is a flow-through or pass-through entity?
3. What is a partnership? How is a partnership formed? What is an operating agreement or partnership agreement? What is an EIN?
4. What are advantages and disadvantages of a partnership?
5. What income tax form does a partnership file with the IRS? What is the due date of a partnership income tax return? Can a partnership file an extension? Can a partnership file an amendment?
6. What is basis? What increases and decreases basis? Why does a partner need to keep track of basis?
7. How is partnership income and loss reported to partners? What is the name of the document partners receive from a partnership? Please explain how a partner reports partnership income and loss.
8. What are start-up costs and organizational costs? How are they accounted for from a tax perspective?
9. What is a qualified joint venture? How is it accounted for from a tax perspective?
10. What are guaranteed payments? How are they handled at the partnership and individual level?
11. What are separately stated items? Please give three examples.
12. What are estimated tax payments?
13. What does it mean for income and expenses to retain character and attributes?
14. What are book to tax differences? Please provide two examples.
15. How is an LLC taxed? What income tax form does an LLC file with the IRS? What is the difference between a partnership and LLC from a tax perspective?
16. Does it matter if partnership income is classified as active or passive? Why?
17. What is self-employment tax? Do partners pay self-employment tax?
18. What are three categories of income?
19. What is the qualified business income deduction? Is a partnership eligible? Are partners eligible? How does it work?
20. What are unreimbursed partnership expenses? Can partners deduct health insurance?

1. What is the primary source of tax law? 2. What is a flow-throug...