Flashcards in REG 35 Deck (19):
Shelf registration - do you have to update the registration statement? First time issuerer?
Obviously not a first time issuerer
But what's the point if you have to update it, oh OK you only have to update it "periodically"
how much urelated business income is exempt from tax?
$1000, I guessed $500 my memory sucks
does a cpa need a written agreement to conduct a personal financial planning engagement?
A cPA needs a written agreement to ______________ on the goals/actions/followup to a planning engagement.
Not to help plan, but to take action on plans, monitor, etc. need written aggreement
jA tax communication should include
a _____ statement of the _____
each --- issue listed
a separate __________ for each tax issue
where the ______________ came from (i.e, ))
a brief statement of the facts
each tax issue listed
a separate conclusion for each
where the conclusiton came from, the authority
Nasty estate questions
if a decedent holds property as a joint tenant with the right of survivorship can the whole value of the property be included in the estate
yes if the decedent paid for it and they aren't married i guess
best of both worlds inherited property is always and ______ term cap gain
FMV and long term gain
on partnership/s corp questions always need to think about
income from separately stated
% of ownership
income from guaranteed
income from share of income
The first two sub-titles in the IRC code are for what
A Income TAxes
B Estate TAxes
You are entitled to a credit on your estate tax (not estate income tax return, though there too I'm sure) for
tax on _______ transfers
------- death tax
tax on prior transfers (what's that) well if you inherited a lot of money within the last ten years and it was subject to estate tax, then you get a credit for at least part of it
foreign death tax - who pays this, aren't you a us citizen?
The exclusion for a gain on the sale of a home is ______________ for singles and _______ married.
And that you lived in it for _____ years.
The exception is that if you have to move because you ____________ in which case you do what
lived in there for 2 years
if you have to move because you changed jobs, then prorate the exclusion for how long you lived there
Does an LLC require a written operating agreement?
Is an INTEREST IN an LLC regulated under the Securities Act of 1933 and 1934
Surprisingly yes, interest may be considered securities.
IF A COURT DISSOLVES THE PARTNERSHIP THE LIMITED PARTNERS LIABILITY _______
INCREASE/STAY THE SAME/DECREASE
Surprisingly it increases, if the court dissolves, it may be because it wasn't legally organized
If a court dissolve a partnership, does the general partners liability change
NO it's everything no matter what
If a general partner I(not the partnership) becomes bankrupt, and cannot pay amounts owed to the partnership, does the liability of the limited partner increase.
No, but the other general partners are liable for the debts
If a sole proprietor transfers his interest, then the business is ____________
If there are three partners and one of them sells to the other two, that partner is said to ______ from the partnership.
if the purpose for which the partnership was formed is no longer there (or put on hold) the partnership is said to ___________ for ___________ of purpose
Dissolve for frustration of purpose.