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Danko Self-created > Quiz 2 > Flashcards

Quiz 2 Flashcards

1
Q

What’s the section name for a VEBA?

A

501c9

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2
Q

What does VEBA stand for?

A

Voluntary employees beneficiary association

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3
Q

What can a VEBA fund?

A

Five things death benefits medical benefits unemployment benefits retirement benefits & deferred comp benefits

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4
Q

Are punitive damages for claims allowed under erisa?

A

No

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5
Q

Can you continue to contribute to a simple if you are working through age 72?

A

Yes

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6
Q

Can plan officials be personally liable for losses to a plan and other factors under ERISA?

A

Yes

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7
Q

When does a some trust distribute income?

A

At least annually

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8
Q

What is the highest payout choice?

A

Life annuity (also pure or straight life annuity)

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9
Q

What if viatical settlement dude has miracle cure?

A

No reclass of income, company will have bad returns

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10
Q

QPRT death during retained int term?

A

Back to gross estate, same as if QPRT never estab - for estate tax purposes

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11
Q

Surrender for a MEC taxability

A

Premiums tax free, earnings ordinary inc

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12
Q

Note: no penalty distribution

A

First home, not primary residence

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13
Q

Will exercising an NSO help reduce AMT?

A

Yes, it will increase his regular income

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14
Q

Will changing to public purpose munis help reduce AMT?

A

No, it will have no effect

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15
Q

What helps reduce AMT?

A

Things that increase regular income

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16
Q

Does alimony cease at death of the payor?

A

Yes

17
Q

What is the highest allowed deduction to a public charity with appreciated property

A

30% of AGI

*50% if using basis

18
Q

Can a 401k without employer matching contributions be integrated with Social Security?

A

no

19
Q

Can a 401k with employer matching contributions be integrated with Social Security?

A

yes

20
Q

Can an ESOP be integrated with social security?

A

no

21
Q

3 kinds of qualified plans that can be integrated with social security?

A

money purchase, profit sharing and stock bonus

22
Q

One risk advantage of a zero coupon bond

A

elimination of reinv risk. no coupon to be reinvested

Danko Self-created (10 decks)

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