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New - 112 > Form 1 > Flashcards

Form 1 Flashcards

1
Q

Form 1: Name 11 category of folks who file Form 1?

A

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.
———–
Mayor, Appt Mbrs, Elected, CRA, Police, High spenders $35k, P&Z, code Enf, Fire BOA, Environ

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2
Q

Form 1: Primary Income thresholds

A

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
———–
RE: own 5%.
———–
Intang: $10k value OR 10% of assets
Debts: $10k OR exceed net worth

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3
Q

Form 1: RE threshold

A

RE ownership 5% or more of its value (except personal residence).

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4
Q

Form 1: RE exemption

A

Personal residence.

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5
Q

State 2 income exemptions

A

Don’t report:
1) Public salary (but must report income therefrom)
2) Any business that contributed LESS than 5% to your income.

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6
Q

Form 1: What election campaign money is included in intang. pers. prop.?

A

Money owed you, including amts loaned as a candidate to your own campaign.
It’s your asset.

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7
Q

Form 1: Asset vehicles & intang. pers. prop.

A

Don’t report asset vehicle (IRA itself).
Report asset contained in vehicle (stock, $).

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8
Q

Form 1: Intangibles
Dollar Method vs. Comparative Method.

A

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
———–
RE: own 5%.
———–
Intang: $10k value OR 10% of assets
Debts: $10k OR exceed net worth

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9
Q

Form 1: Creditor report threshold
Dollar Method vs. Comparative

A

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%.
———–
Intang: $10k value OR 10% of assets
Debts: $10k OR exceed net worth

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10
Q

Form 1: Secondary Income.
Dollar Method vs. Comparative Method.

A

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%.
———–
Intang: $10k value OR 10% of assets
Debts: $10k OR exceed net worth

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11
Q

Form 1: Primary Income, ex of aggregate

A

Multiple stocks in 1 company.
Multiple accounts in 1 bank.

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12
Q

Form 1:
What tangible item is intangible personal property?

A

Cash, CDs.
Autos, jewelry, are not.

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13
Q

Form 1: Liabilities.
Dollar Method v. Comparative Method.
What is required to be disclosed?

A

Form 1 Liabilities:

Owe more than your net worth.

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14
Q

Form 1: Liabilities. Comparative Method.
What do not have to be reported?

A

Amount of debt.
Amount of net worth.
Credit cards,
Taxes,
Contingent liabs (ex. guarantor)

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15
Q

Form 1: Appointed members of what boards need file?

A

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.

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16
Q

Form 1: What PEs must file?

A

  1. Mayor.
  2. County or city manager.
  3. Finance director.
  4. County or municipal attorney.
  5. Chief building inspector.
  6. Water resources coordinator.
  7. Pollution-Envir. control director.
  8. Administrator w/ pwr, re: land development permit.
  9. Chief of police; fire chief.
  10. Clerk.
  11. School super; community college pres.
  12. ME.
  13. Purchasing agent (regardless of title) over $35k.
17
Q

Both Forms 1 & 6:
Reporting Indivi. must always disclose interest in what type of entities?

A

$, Sins, Utilities, Franchises
Banks, mortg cos., small loan companies.
Alcoholic beverage licensees, Wagering.
Utility cos + PSC controlled entities.
Granted a franchises.

18
Q

Both Forms 1 & 6:
Investment vehicle vs. Investment product.

A

You must list what you can sell. You can’t sell the vehicle, ex. IRA (Investment Vehicle) but can sell its contents (Investment Products).

19
Q

Clarify confusing procurement employee categorization.

A

Anyone w/ purchasing authority >$35k (regardless of title) is a Reporting Indiv.
Any Reporting Indiv is subject to Gifts law.
Ʃ Anyone w/ purch auth >$35k is subj to Gifts law.
Ignore the State Procurement Employee specifically called out in Gifts Law.

20
Q

Is Form 1 for the heavy hitters or the regular folk?

A

The regular folk! Form 6 is for Constitutional Officers.

21
Q

Summarize thresholds for Form 1.

A

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%.
———–
Intang: $10k value OR 10% of assets
Debts: $10k OR exceed net worth

22
Q

What is meant by “secondary income” on BOTH Form 1 (regular folks) & Form 6 for (Constitutional Officers)?

A

Not second job but a BUSINESS.

23
Q

Compare Form 6 & Form 1’s 1st income.

A

Form 6: Income over $1k
vs.
Form 1:
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
———–
RE: own 5%.
———–
Intang: $10k value OR 10% of assets
Debts: $10k OR exceed net worth

24
Q

Compare Form 6 & Form 1’s 2nd income.

A

Form 6: own 5% AND rec $1k
Form 1: discl bus + 10% gross BUS customer:
own 5% + rec $5k OR
own 5% + rec $1.5K + rec 10% INDIV 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%.
———–
Intang: $10k value OR 10% of assets
Debts: $10k OR exceed net worth

25
Q

Compare Form 6 & Form 1’s Assets.

A

Form 6: All assets, inc. real estate valued @ $1k
Form 1:
RE: own 5%
Intang: $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
———–
RE: own 5%.
———–
Intang: $10k value OR 10% of assets
Debts: $10k OR exceed net worth

26
Q

Compare Form 6 & Form 1’s Creditors.

A

Form 6: Creditor owed $1k.
vs.
Form 1: Creditor owed $10k or debt exceeding net worth.

27
Q

Form 1 Pattern.

A

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%.
———–
Intang: $10k value OR 10% of assets
Debts: $10k OR exceed net worth

28
Q

Memory hint for Form 6.

A

Constitutional Officer & Form 6 are tough jobs. Only 1 person wants that job.
———–
$1k = income, assets, creditor
$1k + 5% = 2nd income.

29
Q

State Form 1’s pattern.

A

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%.
———–
Intang: $10k value OR 10% of assets
Debts: $10k OR exceed net worth

30
Q

Re: Both Form 1 & Form 6, what are the penalties for:
A. Late filing?
B. Failure to fully disclose?

A

late file: $25/day aft 9/1 up to $1.5k
full discl: removal, $10 fine

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