Form 1 Flashcards
Form 1: Name 11 category of folks who file Form 1?
The Mayor disclosed to the Appointed Mbrs that they Elected Crappy Police who got High. They Plan to Enforce the law, Fire them & Adjust the Environment.
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Mayor, Appt Mbrs, Elected, CRA, Police, High spenders $35k, P&Z, code Enf, Fire BOA, Environ
Form 1: Primary Income thresholds
1st Inc: $2.5k OR 5%
1st Inc: $2.5 OR 5%
2d Inc: disclose bus + 10% gross BUS cust if:
own 5% + rec $5k OR
own 5% + rec $1.5k + 10% INDIV gross inc
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RE: own 5%.
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Intang: $10k value OR 10% of assets
Debts: $10k OR exceed net worth
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Form 1: RE threshold
RE ownership 5% or more of its value (except personal residence).
Form 1: RE exemption
Personal residence.
State 2 income exemptions
Don’t report:
1) Public salary (but must report income therefrom)
2) Any business that contributed LESS than 5% to your income.
Form 1: What election campaign money is included in intang. pers. prop.?
Money owed you, including amts loaned as a candidate to your own campaign.
It’s your asset.
Form 1: Asset vehicles & intang. pers. prop.
Don’t report asset vehicle (IRA itself).
Report asset contained in vehicle (stock, $).
Form 1: Intangibles
Dollar Method vs. Comparative Method.
Intangs: $10k OR 10%
1st Inc: $2.5 OR 5%
2d Inc: disclose bus + 10% gross BUS cust if:
own 5% + rec $5k OR
own 5% + rec $1.5k + 10% INDIV gross inc
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RE: own 5%.
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Intang: $10k value OR 10% of assets
Debts: $10k OR exceed net worth
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Form 1: Creditor report threshold
Dollar Method vs. Comparative
Debts: $10k OR exceed net worth
1st Inc: $2.5 OR 5%
2d Inc: disclose bus + 10% gross BUS cust if:
own 5% + rec $5k OR
own 5% + rec $1.5k + 10% INDIV gross inc
———–
RE: own 5%.
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Intang: $10k value OR 10% of assets
Debts: $10k OR exceed net worth
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Form 1: Secondary Income.
Dollar Method vs. Comparative Method.
1st Inc: $2.5k OR 5% 2d Inc: discl bus + 10% gross BUS customer: (a) own 5% + rec $5k OR (b) own 5% + rec $1.5K + 10% INDIV gross inc
1st Inc: $2.5 OR 5%
2d Inc: disclose bus + 10% gross BUS cust if:
own 5% + rec $5k OR
own 5% + rec $1.5k + 10% INDIV gross inc
———–
RE: own 5%.
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Intang: $10k value OR 10% of assets
Debts: $10k OR exceed net worth
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Form 1: Primary Income, ex of aggregate
Multiple stocks in 1 company.
Multiple accounts in 1 bank.
Form 1:
What tangible item is intangible personal property?
Cash, CDs.
Autos, jewelry, are not.
FORM 1 ----------- Form 1: Liabilities. Dollar Method v. Comparative Method. What is required to be disclosed?
Form 1 Liabilities:
Owe more than your net worth.
Form 1: Liabilities. Comparative Method.
What do not have to be reported?
FORM 1 ----------- Amount of debt. Amount of net worth. Credit cards, Taxes, Contingent liabs (ex. guarantor)
Form 1: Appointed members of what boards need file?
FORM 1 ----------- Appointed Mbrs of bodies: 1. County. 2. Municipality. 3. School district. 4. Independent special district. 5. CC or junior college. 6. District boards of trustees. 7. Brds w/ code enforcement pwr. 8. BOA. 9. CRAs. 10. P+Z w/ pwr to recommend directly to BCC, re: LDRs 11. Pension or retirement boards w/ pwr to invest.