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Question 1

political contributions and gifts

Answer 1

excluded from calcualation of total gifts

Question 2

donor’s holding period for gifted property =>

Answer 2

flows to donee

Question 3

gift tax return

Answer 3

calender year basis only

due april 15th

Question 4

appreciated property gifted and person dies within 1 year and then given back

Answer 4

basis is same prior to death

do not receive step up in basis

Question 5

income distributions are optional in what?

Answer 5

complex trust

Question 6

accumulation of income is disallowed

Answer 6

simple trust

Question 7

expenses and fees from tax exempt income

Answer 7

not deductible for either complex or simple

Question 8

medical expenses paid after death but within 1 year preceeding death

Answer 8

go on personal return

Question 9

credits for _____ are allowed for estates

Answer 9

foreign death taxes

Question 10

life insurance proceeds in a spouses name

Answer 10

go onto estate regardless of beneficiary

Question 11

inherrited basis in property automatically assumes:

Answer 11

Long term holding period

Question 12

allocable to corpus

Answer 12

not taxable to beneficiary

Question 13

trust beneficiaries

Answer 13

only pay tax is earnings are distrubted

Question 14

estate tax beneficiaries

Answer 14

pay tax on DNI regardless of if it is distributed

Question 15

Agent owes principal:

Answer 15

fiduciary duty

*principal does not owe this duty

Question 16

apparent authority

Answer 16

based on 3rd parties perspective

Question 17

actual authority

Answer 17

you have been granted the authority

Question 18

death or not competent

Answer 18

all authority is instantly revoked

Question 19

agency with interest

Answer 19

principal cannot end agency before expiration date

Question 20

in order to ratify contract

Answer 20

principal must know all of the facts

principal must ratify before the 3rd party cancels the agreement

Question 21

power of attorney

Answer 21

must be in writing

be signed by person granting the power of attorney

Question 22

A guarantee must be:

Answer 22

in writing to be enforceable

Question 23

promise to pay

Answer 23

certificate of deposit

Question 24

subagents owe fiduciary duty to:

Answer 24

both the agent and the principal

Question 25

securities of a bank =>

Answer 25

exempt securities

Question 26

A buyer has an insurable interest from the time the goods are

Answer 26

identified in the contract.

Question 27

minimum hours for work opportunity credit =>

Answer 27

120 hours

Question 28

Who may adopt the bylaws

Answer 28

either the incorporators or the board of directors

Question 29

federal financial assistant recipients

Answer 29

government accountability office

Question 30

Liquidated damages are:

Answer 30

agreed upon by all parties involved in a contract

Question 31

RCRA and EPA

Answer 31

entitled to identify and list hazordous waste sites

Question 32

keyword for hobbies =>

Answer 32

engaged in for profit

Question 33

home-made

Answer 33

caseiro