Ask Question
BusinessBusiness
22 May, 05:36

Grady and Hedy do business as Island Tours. For federal income tax purposes, Island Tours would be treated as an aggregate of the individual partners.

a. a natural person.

b. an entity.

c. a non-existent party.

+2
Answers (1)
  1. 22 May, 05:49
    0
    The business done as an Island tours are considered to be an aggregate of the individual partners.

    Explanation:

    Aggregate of individual partner complies with that of the theory of partnerships. Here, in the aggregate theory of partnerships, it states that the partner are no legal entity as segregation like an organization or corporation.

    But they have an aggregate existence on legal basis, with the structural function to be individualistic in approach, as per as, income share, etc. The option mentioned in continuation of the given question is treated as correct option, rest marked as option a, b and c are incorrect.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Grady and Hedy do business as Island Tours. For federal income tax purposes, Island Tours would be treated as an aggregate of the ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
The valuation allowance account that is used in conjunction with deferred taxes relates: Multiple Choice Only to income taxes receivable due to net operating loss carrybacks. Only to deferred tax liabilities.
Answers (1)
A 14 kg cannon ball is fired from a cannon with muzzle speed of 1319 m/s at an angle of 19.1 ◦ with the horizontal. The acceleration of gravity is 9.8 m/s 2. Use conservation of mechanical energy to find the maximum height reached by first ball.
Answers (1)
A company produces two products, A and B. It has limited capacity but unlimited demand so it can sell as many of either product as it produces. Product A requires 2 machine hours per unit to produce, and Product B requires 1 machine hour to produce.
Answers (1)
Main purpose or taxes is to A. generate revenue for funding government programs b. reduce the chances of inflation c. create jobs d. discourage use of certain goods and services
Answers (1)
Meeting others through volunteer work is the most common way people expand their network.
Answers (1)
New Questions in Business
Who should you' alert that you are interviewing for jobs? A. Your references B. Other possible employers C. Your classmates D. Your present employer
Answers (1)
Common allocation bases are a. direct labor dollars, direct labor hours, and machine dollars b. machine dollars, direct labor dollars, and direct labor hours c. direct labor dollars, direct labor hours, and machine hours d.
Answers (1)
George and Weezy received $30,200 of Social Security benefits this year ($12,000 for George; $18,200 for Weezy). They also received $5,000 of interest from jointly owned City of Ranburne Bonds and dividend income.
Answers (1)
Which of the following is true regarding the high-tech industry today? a. It generally depends on a pool of low-skilled labor. b. It has led to the increased economic development of previously rural areas. c.
Answers (1)
Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. -Sold merchandise on account for $64,000 to a customer.
Answers (1)
Home » Business » Grady and Hedy do business as Island Tours. For federal income tax purposes, Island Tours would be treated as an aggregate of the individual partners. a. a natural person. b. an entity. c. a non-existent party.
Sign Up Forgot Password?