Form 6 Flashcards
Who must file?
County Commissioners, Constitutional Officers, Candidates for same + 2 schools:
Clerks of Circuit Courts, Sheriffs, Tax Collectors, Property Apprs, Supervisors of Elections. County Commissioners. Elected Superintendents of Schools. Members of District School Boards. Housing Finance Corporation Board.
What is included in a Form 6 filer’s Net Worth?
All assets over $1k.
In Form 6, what is aggregated in calculating Net Worth?
Household goods + personal effects.
In Form 6, what household goods + personal effects must be called out?
If over $1k.
What creditors must be listed on a Form 6?
Owed over $1k.
What source of income must be listed on a Form 6?
Anything contributing over $1k.
For 2d, in which you own 5% + rec $1k, disclose your 10% customer.
On Form 6, state the alternative to listing income.
Attach tax return.
What’s the alternate way to calculate income/assets/creditors in Form 6?
There is none. BUT Constitutional Officers can skip listing income & attach tax return.
Summarize the incoming & outgoing thresholds for Form 6.
FORM 6 ---------- List 1) Income over $1k. 2) 2nd Income = over $1k AND own 5% 3) Assets over $1k. 4) Creditors owed $1k. 5) Net work [assets - creditor = net worth]
What is meant by “secondary income” on BOTH Form 1 (regular folks) & Form 6 for (Constitutional Officers)?
BOTH ---------- Not second job buta bus. ----------- Form 1: Discl 10% bus & customer of: $1k + own 5% ----------- Form 6: Discl bus & 10% customer of: $5k + own 5% OR $1.5k + 5% + 10%
Why is Constitutional Officers’ filing of Form 6 easier on the test taker?
Generally the answer will be $1k.
[only oddity is 2nd income, 5% + rec $1k]
Compare Form 6 & Form 1’s income & 2nd income.
Form 6 Income 1st) $1k 2d) Discl 10% customer: rec $1k, own 5% ----------- Form 1 Income. 1st) $2.5k or 5% 2d) Discl 10% customer if: ($5k + 5%) ($1.5k + 5% + 10%)
Compare Form 6 & Form 1’s 2nd income.
BOTH / 2ND INCOME ----------- Form 6: Discl bus & 10% customer of: own 5% AND rec $1k vs. Form 1: Discl bus & 10% customer of: rec %5k + own 5% OR rec $1.5k + own 5% + earn 10% of inc
Compare Form 6 & Form 1’s Assets.
Form 6: All assets, inc. real estate valued @ $1k
vs.
Form 1:
Real estate - own 5%
Intangibles (cash, CD) = 10% of assets or $10k.
Compare Form 6 & Form 1’s Creditors.
BOTH / CREDITOR ----------- Form 6: Creditor owed $1k. vs. Form 1: Creditor owed $10k OR exceeds net worth.
What’s the general numeric structure to remember for both Form 6 and Form 1.
Form 6: $1k
Form 1: 5% incoming, 10% outgoing.
Memory hint for Form 6.
FORM 6 ----------- Constitutional Officer & Form 6 are tough jobs. Only 1 person wants that job. ----------- $1k = income, assets, creditor $1k + 5% = 2nd income.
Memory hint for Form 1.
INCOMING:
5% or $2,500 = income
5% or $5k = 2nd income [or own 5% + earn 10% of income + rec over $1,500].
5% real estate.
OUTGOING:
10% of assets or $10k intangibles (cash, CD)
$10k or any debts exceeding net worth.
Compare Form 6 & Form 1’s income & 2nd income.
BOTH FORMS ----------- Form 6. 2d inc: Discl bus & 10% cust of: rec $1k + own 5% ----------- Form 1. 2d inc: Discl bus + 10% cust of: rec $5k + own 5% OR rec $1.5k + own 5% + earn 10%.
State Form 1’s Pattern.
1st inc: $2.5k or 5% 2d inc: discl bus + 10% cust if: $5k + 5% ---OR--- $1.5k + 5% + 10% intang: $10k or 10% crdtrs: $10k or exc worth
Form 1’s Pattern summarized.
starts @ $2.5 + double 1st inc: $2.5k or 5% 2d inc: disc bus + 10% cust if: $5k + 5% ---OR--- $1.5k + 5% + 10% assets: $10k or 10% crdtrs: $10k or exc 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
~~~
State Form 6’s Pattern.
1 ———- 1+5% ———- 1 ———- 1
1) Income over $1k.
2) 2nd Income = over $1k AND own 5%
3) Assets over $1k.
4) Creditors owed $1k.
5) Net work [assets - creditor = new worth]
Form 6’s Pattern summarized.
FORM 6 ----------- $1K = everything. 1st inc: $1k 2d inc: $1k + 5% assets: $1k crdtrs: $1k
Does 2d income = 2d job?
2d income is ownership in a business.
A 2d job wd be included in ‘income.’
