Deck 41 Flashcards Preview

Regulation > Deck 41 > Flashcards

Flashcards in Deck 41 Deck (7):
1

Grantor trust:

Retain certain powers after transferring property

2

Simple trust:

May not distribute principal

3

When you contribute services to the partnership, the partner must include as income:

FMV as ordinary income

4

Which fiduciary entity is required to use a calendar year?

Trusts; (estates can use any period)

5

A taxpayer's deduction for investment interest expense is the lesser of:

Net investment income or investment interest expense

6

What must be disclosed in a securities registration statement filed under the 1933 act?

Principal purposes for which the offering proceeds will be used

7

Distributions that a shareholder or partner receive from either a corporation or partnership only decrease:

Their basis (don't have any affect on taxable income)