Random from practice test one Flashcards
(16 cards)
Which of the following is one of the main purposes of a deposition?
To provide evidence that may be used for trial
Depositions are the testimony of a witness taken out of court under oath and reduced to writing after discovery and prior to trial. The deposition may be used to discredit a witness if he changes his testimony during trial.
What is pro se divorce?
What percent of parties use this?
A Pro Se divorce is a divorce where a spouse chooses to represent his/herself in court rather than hiring an attorney. 50%
When a distribution is paid from an IRA, the trustee must withhold what percentage of taxes?
0
A person who helps prepare witnesses, improve arguments and rhetoric, and select juries is considered which of the following?
A trial consultant
Bob, a CPA, has prepared tax returns for Andy and Amy for more than a decade. Andy and Amy are now getting a divorce, and Amy wants to hire Bob as her CDFA professional. Can Bob work with Amy?
That Bob cannot work with her as a CDFA professional due to their previous relationship, but he can recommend at least three advisors that would be able to assist her.
When did the QDRO come into existence?
The REA of 1984 provides that all qualified plans subject to ERISA may segregate assets for the benefit of an alternate payee through a court order known as a Qualified Domestic Relations Order (QDRO).
Steve and Lori have a home worth $560,000. They bought it when they got married 25 years ago for $185,000. They refinanced their mortgage several years ago and the current mortgage is $420,000. Lori decided to keep the home. She later decides to sell it with 5% sales costs. Using today’s value, what is the amount of taxable gain Lori will report on her tax return?
97000
Which of the following statements accurately describes how an expert witness gets qualified?
The lawyers can stipulate that a witness is qualified as an expert.
Wilma is transferring her interest in the marital residence to her former husband, Fred, by quitclaim deed. Which of the following will happen to the mortgage?
Wilma will remain liable for the mortgage on the residence.
Which of the following types of bankruptcy allows for the liquidation of all assets to pay off debt and then the remainder of the unpaid debt is forgiven?
Chapt 7
Which is always modifiable, child or spousal support
child
When do depositions usually occur?
After close of discovery
Depositions are the testimony of a witness taken out of court under oath and reduced to writing after discovery and prior to trial. The deposition may be used to discredit a witness if he changes his testimony during trial.
Childcare expenses for a child without disabilities can qualify for the tax credit for child and dependent care expenses as long as the child is no older than:
12
Which of the following is the correct sequence of the four basic steps of direct examination?
Explain assignment, explain procedures and assumptions, summarize work, and admit exhibits.
CDFA Code of Ethics and Professional Responsibility:
Integrity, Competence, Objectivity, Fairness, Confidentiality, Professionalism, Scope, Compliance, Unauthorized Practice of Law, and Support.
Which form of alternative dispute resolution (ADR) utilizes a decision maker to make a binding decision for the parties?
Arbitration
