Last quiz Flashcards
(46 cards)
is child support deductible after 2019? how about before?
no after, yes before
are compensatory damages tax-free? what about punitive?
compensatory yes, punitive
When can you use your passive losses?
when the property or investment sells (MLP, real est, LTd ptnrships)
is the capacity for risk qualitative data or quantitative data?
quantitative data, because it’s CAPACITY
When do you give a client Form ADV?
earliest chance possible, and other material disclosures
what’s riskier, according to the practice test, TIPS or T-bonds?
T-bonds
how long is a t-bond?
10 years
Form 706
estate tax filing
Form 709
Gift tax filing
Are structured settlements tax-free?
yes
When are attorney fees deductible?
never (i bet you can deduct them in business returns, but it doesn’t say that)
Begin mode calculations on HP 12C
college tuition paid
retirement benefits received
family needs
end mode calculations on HP 12C
401k deferrals
profit-sharing contribs
bond interest
mortgage payments
Priority reminder: disability > umbrella in 0 reserve
go
Priority reminder: emergency fund > credit card payments
go on
Which kinds of actions need not be shared with your firm?
private actions. only public
How do you value a building on your financial statements?
estimated FMV
Taxable or not? punitive damages
taxable
Taxable or not? compensatory damages
tax-free
NII: income vs. inv interest
STCG, ordinary divs (electable), interest, royalties
How long carryforward on passive loss?
till investment sold.
no 3000 over and above gains
What’s PIA?
primary insurance amount
social security concept
surviving spouse benefits
see book
Optimal Donee: highly apprec property
lower tax bracket person
Optimal Gift Strategy: Loss property
sell it then gift cash proceeds
