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Danko Self-created > Last quiz > Flashcards

Last quiz Flashcards

1
Q

is child support deductible after 2019? how about before?

A

no after, yes before

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2
Q

are compensatory damages tax-free? what about punitive?

A

compensatory yes, punitive

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3
Q

When can you use your passive losses?

A

when the property or investment sells (MLP, real est, LTd ptnrships)

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4
Q

is the capacity for risk qualitative data or quantitative data?

A

quantitative data, because it’s CAPACITY

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5
Q

When do you give a client Form ADV?

A

earliest chance possible, and other material disclosures

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6
Q

what’s riskier, according to the practice test, TIPS or T-bonds?

A

T-bonds

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7
Q

how long is a t-bond?

A

10 years

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8
Q

Form 706

A

estate tax filing

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9
Q

Form 709

A

Gift tax filing

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10
Q

Are structured settlements tax-free?

A

yes

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11
Q

When are attorney fees deductible?

A

never (i bet you can deduct them in business returns, but it doesn’t say that)

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12
Q

Begin mode calculations on HP 12C

A

college tuition paid
retirement benefits received
family needs

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13
Q

end mode calculations on HP 12C

A

401k deferrals
profit-sharing contribs
bond interest
mortgage payments

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14
Q

Priority reminder: disability > umbrella in 0 reserve

A

go

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15
Q

Priority reminder: emergency fund > credit card payments

A

go on

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16
Q

Which kinds of actions need not be shared with your firm?

A

private actions. only public

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17
Q

How do you value a building on your financial statements?

A

estimated FMV

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18
Q

Taxable or not? punitive damages

A

taxable

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19
Q

Taxable or not? compensatory damages

A

tax-free

20
Q

NII: income vs. inv interest

A

STCG, ordinary divs (electable), interest, royalties

21
Q

How long carryforward on passive loss?

A

till investment sold.

no 3000 over and above gains

22
Q

What’s PIA?

A

primary insurance amount
social security concept
surviving spouse benefits
see book

23
Q

Optimal Donee: highly apprec property

A

lower tax bracket person

24
Q

Optimal Gift Strategy: Loss property

A

sell it then gift cash proceeds

25
Q

Optimal Gift Strat: out of state property

A

done it to avoid ancillary probate

26
Q

Optimal Gift Strat: property subject to deprec

A

keep to full depreciation

27
Q

Including the power

A

a financial amount. if already taken, if not, if lapsed - still confusing

28
Q

Reminder: gift tax

A

paid by the year but is a credit against gift tax - check again this may not be right

29
Q

Estate: what’s taken off AGE to make TE?

A

marital and charitable deductions

30
Q

TE to TB

A

add taxable gifts to TB

31
Q

TB to TT

A

subtract $11.50M gift exemption, remainder 40% tax

32
Q

TT to NET

A

add gift taxes paid w/in 3 years to TT

33
Q

Name all the Fiduciary Standard Rules you can

A
  1. Loyalty
  2. Care
  3. follow instrx
  4. Integrity
  5. Competence
  6. Diligence
  7. disclosure
  8. Objective
  9. professionalism
  10. compliance law
  11. Confidentiality
  12. Provide info
34
Q

Self-employement tax factor

A

0.1413. total self employment income

35
Q

what’s self-emp income?

A

directors fees, active partic in bizs, sched C

36
Q

Reminder: calculating SET

A

expenses are already deducted. test may try to trip you up.

37
Q

Non self-employment income classifications

A
  1. investment

2. salary

38
Q

How is SET reported and paid?

A

added to income tax liability

then 1/2 (0.07065) subtracted on front of 1040

39
Q

Reminder: max LTC writeoff at 61 is 4,000

A

check

40
Q

Refundable amount of Child Tax Credit

A

$1,400

41
Q

Refundable amount of Child Credit

A

don’t know

42
Q

Refundable amount of Child Credit

A

don’t know

43
Q

MACRS midquarter convention

A

40% into service during 4Q of tax year, use middle of 4Q.

44
Q

MACRS half year convention

A

year of acquisition you use the half year if it is beyond (when?)

45
Q

457 subject to creditors?

A

yes

46
Q

Annuity taxation

A

LIFO after 8/13/82

Danko Self-created (10 decks)

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