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Question 1 of 10
1. Question
Identify the assets that may be amortized:
I. Furniture
II. Patents
III. Copyrights
IV. GoodwillCorrect
An amortization is used only for intangible assets that have a definite life. Patents and copyrights are common examples of assets that may be amortized.
Incorrect
An amortization is used only for intangible assets that have a definite life. Patents and copyrights are common examples of assets that may be amortized.
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Question 2 of 10
2. Question
At risk rules apply to?
I. Estates and trusts
II. C Corporations
III. S Corporations
IV. Professional corporationsCorrect
The at-risk rules are set up to limit the deductible loss a taxpayer claims to the amount that the taxpayer actually risks losing. The at-risk rules may apply to individuals, estates and trusts, partners, shareholders in S corporations, and most C corporations.
Incorrect
The at-risk rules are set up to limit the deductible loss a taxpayer claims to the amount that the taxpayer actually risks losing. The at-risk rules may apply to individuals, estates and trusts, partners, shareholders in S corporations, and most C corporations.
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Question 3 of 10
3. Question
Which of the below is not subjected to passive activity rules?
Correct
Losses that qualify for recognition under at-risk rules may also be subject to passive activity rules. Losses from passive activity may be used to offset passive activity income only. Passive activity rules may apply to individuals, estates, trusts, personal service corporations, closely held C corporations, publicly traded partnerships, and the owners of pass-through entity interests.
Incorrect
Losses that qualify for recognition under at-risk rules may also be subject to passive activity rules. Losses from passive activity may be used to offset passive activity income only. Passive activity rules may apply to individuals, estates, trusts, personal service corporations, closely held C corporations, publicly traded partnerships, and the owners of pass-through entity interests.
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Question 4 of 10
4. Question
What are the features of alimony?
I. It may be transferred to spouse’s account.
II. It must be made in cash.
III. It must occur between the two parties who do not live together.
IV. It must avoid front loading.Correct
Alimony is a series of payments made by one spouse to another, sometimes through an intermediary. The recipient of alimony may be taxed on the alimony, while the payor may deduct it from taxes. Alimony payments must be made in cash; must occur between two parties who do not live together; and must avoid front loading.
Incorrect
Alimony is a series of payments made by one spouse to another, sometimes through an intermediary. The recipient of alimony may be taxed on the alimony, while the payor may deduct it from taxes. Alimony payments must be made in cash; must occur between two parties who do not live together; and must avoid front loading.
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Question 5 of 10
5. Question
Who decides the child support payments?
Correct
Child support payments will be established by the courts, and will be based on a ratio of each parent’s income, the percentage of time the child spends with each parent, and the amount of alimony.
Incorrect
Child support payments will be established by the courts, and will be based on a ratio of each parent’s income, the percentage of time the child spends with each parent, and the amount of alimony.
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Question 6 of 10
6. Question
What are the basis of child support payments?
I. Ratio of each parent’s income.
II. The percentage of time the child spends with each parent.
III. The amount of alimony.
IV. Ratio of parent’s investments.Correct
Child support payments will be established by the courts, and will be based on a ratio of each parent’s income, the percentage of time the child spends with each parent, and the amount of alimony.
Incorrect
Child support payments will be established by the courts, and will be based on a ratio of each parent’s income, the percentage of time the child spends with each parent, and the amount of alimony.
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Question 7 of 10
7. Question
The court order instructing a trustee or administrator of a qualified retirement plan how much to pay out to the non-owner spouse after a divorce is named as:
Correct
A qualified domestic relations order (QDRO) is a court order instructing a trustee or administrator of a qualified retirement plan how much to pay out to the nonowner spouse after a divorce. These orders ensure that property from a qualified retirement plan can be divided up without adversely affecting taxes.
Incorrect
A qualified domestic relations order (QDRO) is a court order instructing a trustee or administrator of a qualified retirement plan how much to pay out to the nonowner spouse after a divorce. These orders ensure that property from a qualified retirement plan can be divided up without adversely affecting taxes.
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Question 8 of 10
8. Question
Identify the qualified public charities:
I. Hospitals
II. Veteran’s organisations
III. Churches
IV. Government entitiesCorrect
Qualifying public charities include: churches and educational organizations; hospitals and medical research organizations; government entities; and publicly supported organizations that receive a substantial amount of support from the general public or government (like the Red Cross).
Incorrect
Qualifying public charities include: churches and educational organizations; hospitals and medical research organizations; government entities; and publicly supported organizations that receive a substantial amount of support from the general public or government (like the Red Cross).
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Question 9 of 10
9. Question
Identify the qualified private charities:
I. Veteran’s organizations
II. Government entities
III. Fraternal orders
IV. Private non-operating foundationsCorrect
Qualifying private charities include: veteran’s organizations, fraternal orders, and certain private nonoperating foundations.
Incorrect
Qualifying private charities include: veteran’s organizations, fraternal orders, and certain private nonoperating foundations.
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Question 10 of 10
10. Question
What is the percentage of ceiling for public charities?
Correct
For public charities, there is a 30% ceiling (20% for private charities) on long-term capital gain property.
Incorrect
For public charities, there is a 30% ceiling (20% for private charities) on long-term capital gain property.