General Review Flashcards
If your spouse is not a US citizen, can they receive estate tax marital deduction from life insurance proceeds?
NO - would have to be put into a Qualified Domestic Trust (QDOT)
Nonqualified plans have lower ______ and give employees and employer ____ advantages
admin costs and give both tax advantages
How can passive activity losses from an ongoing nonpublicly traded partnership, such as a RELP, be deductible from other taxable income?
Can offset passive gains, and phased-out $25,000 deduction ($12,500 for MFS) for rental real estate applies
The ___ governs the actions of plan fiduciaries and ensures compliance with the ERISA plan reporting and disclosure requirements
DOL
Do you have to report lump sum cash gifts from an inheritence if you’ve received them in 3 or fewer installments?
NO
