Hypothetical Fact Patterns

AuthorJack Zuckerman
Hypothetical fact patterns for corporations, part-
nerships, and un incorporated businesses are
presented to provide an overv iew of typical tax
reporting for commerc ial businesse s and profes-
sional practice s. Included are tax ret urns for two
unincor porated business es, two types of pa rtner-
ships, and thre e types of cor porations.
The hypothetical u nincorporate d business
reported on the S chedule C of the personal income
tax return:
• A sole practitioner, and
• A business involved in product sales.
Partnership hypothetical tax returns:
• A real estate limited partnership, and
• A service-oriented business.
Corporate hypothetical tax returns:
A service-oriented business (“loan-out
A “C” Corporation for a business involved in
product sales, and
An “S” Corporation involved in product sales.
The extensive variety of exa mples provided in
the above mentioned hypothetical situations will
cover many of the most common scenarios law-
yers will con front in actua l practice. Hopefully, the
observations and explanations in the text and the
accompanying hyp othetical t ax returns will prove
invaluable to lawyers who wish to gain a greater
understandi ng of business tax retu rns.

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