General Principals Flashcards
(3 cards)
1
Q
Types of Phantom Income: Insurance, Investments, Tax/Retirement?
A
Insurance - Lapse of Policy Loan & Section 162
Investments - Zero/Strip Income & TIPS &Declared but not paid Dividends
Tax/Retirement - K-1 Income from LP & Recapture & NUA
2
Q
FASFA
Is required for applying to what institutions?
What fees are there for applying to FASFA?
Who needs to submit tax returns with application?
What can reduce the amount of financial aid given?
A
All institutions
No fees
Parents and kids
Scholarships
3
Q
Inappropriate extrapoltation
A
continuation of recent events
