Understanding K1 Box 16 Code B and Related S-Corp Issues

What is k1 Box 16 Code B? Line 16b. Gross Income From all Sources (Code B) Enter the partnership’s gross income from all sources (both U.S. and foreign). Enter the total gross income of the partnership that is required to be sourced at the partner level. Read more on www.taxact.com A tax code known as … Read more

Understanding Commercial Activity and Its Tax Implications

What do you mean by commercial activity? Commercial activity is an activity intended for exchange in the market to earn an economic profit. The colloquial meaning of the term “”””commercial”””” is a paid advertisement that runs on television or radio promoting goods or services available for sale. Read more on www.investopedia.com Any operation, activity, or … Read more