CE Quiz

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Financial Planning - - Ce Quiz -

From: Cash­ing Out

1. Un­der the new tax law, the sale of a life in­sur­ance pol­icy is con­sid­ered a tax-free ad­vance of the death ben­e­fit when the in­sured in­di­vid­ual has a life ex­pectancy less than this num­ber of years. 1. Three years 2. Five years 3. Two years 4. Seven years 2. Clients who have sold a life in­sur­ance pol­icy and paid taxes on the sale un­der IRS Rev­enue Rule 2009-13 may be able to get a re­fund retroac­tive to what year? 1. 2012 2. 2009 3. 2015 4. 2005

From: The Su­per-rich Are Stock­pil­ing Wealth in Black-box Char­i­ties (on­line only)

3. If a client con­trib­utes to a donor-ad­vised fund or pri­vate foun­da­tion, for how many years can the in­come tax de­duc­tion be car­ried for­ward? 1. Five years 2. Three years 3. Two years 4. Seven years 4. Donor-ad­vised funds must pay out what min­i­mum per­cent­age of as­sets an­nu­ally? 1. 5% 2. 3% 3. 7% 4. There is no le­gal re­quire­ment for min­i­mum pay­outs.

From: Amend­ing FINRA Forms

5. How many years must have passed be­fore an ad­vi­sor no longer has to re­port an agree­ment with cred­i­tors on ques­tion 14K of Form U4? 1. Five years 2. 15 years 3. 10 years 4. Seven years

From: Why the Tax Law Is a Bo­nanza for REIT In­vestors (on­line only)

6. Un­der the new tax law, clients who file in­di­vid­u­ally may get a 20% de­duc­tion on REIT div­i­dends as qual­i­fied in­come as long as they earn less than this amount an­nu­ally. 1. $157,000 2. $185,000 3. $205,000 4. $100,000 7. For­eign in­vestors are sub­ject to what max­i­mum per­cent­age of with­hold­ing on their REIT dis­tri­bu­tions, per the new tax code? 1. 35% 2. 21% 3. 25% 4. 30%

From: What Are the Tax Im­pli­ca­tions of Ini­tial Coin Of­fer­ings? (on­line only)

8. For in­come tax pur­poses, the money raised by an ini­tial coin of­fer­ing would gen­er­ally be ex­cluded from in­come, ac­cord­ing to what sec­tion of the In­ter­nal Rev­enue Code? 1. 1445 2. 125 3. 529 4. 1032

From: Horse Sense

9. What is the qual­i­fied busi­ness in­come de­duc­tion al­lowed for a sole pro­pri­etor­ship, per the tax law? 1. 25% 2. 30% 3. 20% 4. 15%

From: Is the Small-busi­ness 401(k) Fool’s Gold? (on­line only)

10. What is the dol­lar lim­i­ta­tion for de­fined con­tri­bu­tion plans stip­u­lated by Sec­tion 415 of the In­ter­nal Rev­enue Code? 1. $45,000 2. $65,000 3. $35,000 4. $55,000

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