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Danko Self-created > Quiz 1 > Flashcards

Quiz 1 Flashcards

Isolating knowledge from quiz 1

1
Q

Can isos be deductible to the issuing corporation?

A

Yes

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2
Q

When does vesting happen in simple and safe harbor plans?

A

Immediately, 100%

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3
Q

What is the law for simple and safe harbor 401K plans regarding ADP and ACP tests?

A

Simple and safe harbor 401ks require contributions at a level that is deemed to satisfy the non-discrimination requirement

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4
Q

What’s one effective strategy to reduce generation skipping transfer tax?

A

A reverse q-tip

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5
Q

What is the latest someone working past 72 in a company with a qualified plan can take his rmd?

A

April 1st following the year he retires

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6
Q

Was it important on question seven whether the client went from his or her own account?

A

Yes

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7
Q

Are loans permitted from a TSA?

A

Yes

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8
Q

Could the exam feel that convertible bonds provide a reasonable level of income with some long term growth?

A

Yes

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9
Q

Can a CPA make casual investment suggestions without registering?

A

Yes, according to quiz

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10
Q

If trust income is accumulated in a trust but not stated that it is going to the grantor but is stated that is going for later distribution is that taxable to the grantor?

A

No

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11
Q

What’s the deduction limit for gifts of long-term capital gain property?

A

30% of AGI

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12
Q

Are workers comp benefits tax-free?

A

Yes

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13
Q

Do workers comp benefits include disability income?

A

Yes

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14
Q

What does a Quadro relate to?

A

Child support, alimony payment, and marital property rights

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15
Q

What is phase out for spousal ira deductibility?

A

$196,000

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16
Q

If spouse is uncovered or non-active participant in plan but other spouse is, can first spouse contribute and deduct?

A

Yes

17
Q

Exam thought question: cannot addressing products be considered negligent?

A

Yes

18
Q

Four ways to reduce AMT payable

A
  1. Exercise non-qualified stock options
  2. Take short-term capital gains
  3. Delay till next year payment of a property tax bill
  4. Exercise and sell an ISO in the year of exercise
19
Q

Does allowing an intern to present a plan to clients without supervision violate duty of professionalism?

A

Yes, definitely

20
Q

Limits 25% self-employment tax

A

137,700 and 0. 1859

21
Q

Self-employment limit numbers

A

Age 21 three or five years less than 600

22
Q

Integration with SS #

A

137,700

23
Q

Hce

A

$139k or 5% owner

24
Q

Qualified plan loan can be tax free if

A

Under 50 & 5 and all payments made

25
Q

Spousal thresholds IRAs

A

65 to 75 k single, 104 to 124k married

26
Q

What’s the deal on rate of return for a cash Bal plan (qualified)m?

A

Minimum rate

Danko Self-created (10 decks)

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