REG 1 - Module 2

Question 1

What is the income and basis on a taxable event?

Answer 1

Income = FMV
Basis = FMV

Question 2

What is the income and basis on a non taxable event?

Answer 2

Income = None
Basis = NBV

Question 3

Exceptions to 10% penalty tax for early withdrawal of IRA

Answer 3

HIM DEaD

Homebuyer
Insurance (medical)
Medical expenses > 10% AGI
Disability
Education
And
Death