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CDFA Exam Studyguide
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CDFA Exam Studyguide 2023 - 2024 5-year cliff vesting - ANSWER An employee who has at least five years of service must have a non-forfeitable right to 100% of the employee's accrued benefit [ IRC §411(a)(2)(A)]. 3- to 7-year vesting (7-year graded vesting) - ANSWER An em ployee who has completed at least three years of service must have a non-forfeitable right to a t least the following percentages of his or her accrued benefit: 20% after three years of service, 40% after four years of service, 60% after five years of service, 80% after six years of service, and 100% after seven years of service [IRC §411(a)(2)(B)]. Top-heavy plans or matching contributions typically use _________ ve sting - ANSWER 3-year cliff vesting or 6-year graded vesting. Schedule A: Itemized Deductions - ANSWER Schedule ____ may help iden tify unlisted assets or sources of income. For example, property taxes may reveal real prop erty or a boat that one spouse does not know exists; and gambling losses would reveal that there are gambling winnings. Schedule B: Interest and Ordinary Dividends - ANSWER Schedule ____ ide ntifies the assets and investments generating interest and dividends. Schedule C: Profit or Loss from Business - ANSWER Schedule ___ may be a pl ace to hide assets or income. For example, depreciation expense is not a cash outflow a nd should sometimes be added back to net income to determine actual incom e. The depreciation schedule may also reveal additional assets in the business. Schedule D: Capital Gains and Losses - ANSWER Schedule _______ is used to re port gains and losses from the sale of stocks, bonds, and real estate. Schedule E: Supplemental Income and Loss - ANSWER Schedule _____ is used to report income from rental properties, royalties, partnerships, and S-corp oration income. Depreciation would be something to review. Form 1065 - ANSWER Form _________ is used to report partnership inco me. Form 1120 - ANSWER Form __________ is used to report corporate income Form 1120S - ANSWER Form ___________ is used to report corporate income f or S corporations. Schedule 1: Additional Income and Adjustments to Income - ANSWER Schedu le ____________________ includes additional income, such as capital gains, u nemployment compensation, prize or award money, and gambling winnings. It a lso includes deductions such as student loan interest, self-employment tax, and educator expenses. Schedule 2 Tax - ANSWER Schedule _________ details the alternative minimum tax (ATM) or an excess advance premium tax credit repayment. Schedule 3 Nonrefundable Credits - ANSWER Schedule _________ is used to clai m a nonrefundable credit other than the child tax credit or the c redit for other dependents, such as the foreign tax credit, education credits, or general business credit. Schedule 4 Other Taxes - ANSWER Schedule ___________ reports other taxes, su ch as self-employment tax, household employment taxes, additional tax on IRAs or othe r qualified retirement plans and tax-favored accounts. Schedule 5: Other Payments and Refundable Credits - ANSWER Schedule _________ is used to claim a refundable credit other than the earned income cr edit, American opportunity credit, or additional child tax credit. Form 4562 - ANSWER Form _________ reports deductions for depreciation and amortization as well as provides information on the business/investment use of a utomobiles and other listed property. Form 4797 - ANSWER Form ___________ reports the sale or exchange of business property and the computation of recapture amounts under sections 179 and 280F(b)(2). Accountant - ANSWER An __________________ is a person who is qualif ied to keep, audit, and inspect the financial records of individuals or business concerns and prepares financial and tax reports. Actuary - ANSWER An ___________ is a person whose work is to calculate statistically risks, premiums, and life expectancies for insurance and pension pl ans. Attorney - ANSWER An ________________ person who is legally qual ified and licensed to represent a person in a legal matter, such as a transaction or l awsuit. Business Valuator - ANSWER A _________________ is an individual who is trained in evaluating and assigning a value to a business. Divorce - ANSWER A __________________ is the legal proceeding by whi ch a marriage is legally terminated. It may be contested (where one party denies the allegation or wants to keep the marriage in place) or uncontested. Mediator - ANSWER A _______________ is an individual who has been trained to assist people in coming to an agreement, especially one that reconciles differences between disputants. Pension Valuator - ANSWER A ________________________ is an individual who is qualified to calculate the value of defined benefit pension plans, such a s the marital portion of a plan for the division of assets in a divorce. Arbitration - ANSWER _________________ is submitting a disputed matt er for decision to a person who is not a judge. The decision of an arbitrator is u sually binding and final. Arbitration varies greatly from mediation. Best Interest of the Child - ANSWER _____________________________ is a discretionary legal standard used by judges when making decisions about custo dy, visitation, and support for a child when the parents are divorcing. Change of Venue - ANSWER A ______________________ is a change of jud ges or geographical location, requested by a party to the action who feel s that the change is justified by state law. Collaborative Divorce - ANSWER A ____________________________ is a team appr oach to divorce in which divorcing couples obtain professional help from speci alists in the legal, financial, and mental health fields; when needed, additiona l professionals (including child/parenting experts) may be called in to help the couple settle their case. Collaborative Law - ANSWER _____________________________ is a new disp ute resolution model in which each party retains their own attorney who has go ne through specialized "___________________________" training. The lawyer's only job is to help settle the dispute. All parties agree to work together respectfully, honestly, and in good faith to try to find "win-win" solutions to the legitimate needs of both parties. No one may go to court, or even threaten to do so. If that should occur, the ___________________________ pr ocess terminates and both lawyers are disqualified from any furt her involvement in the case. Collusion - ANSWER ________________ is an agreement between two or m ore persons where one of the parties brings false charges against the other . In a divorce case, the husband and wife may agree to use adultery as a ground in order to obtain divorce more quickly, knowing full well that adultery was not committed. ________________ _ is illegal. Common Law Marriage - ANSWER __________________________ is a judicia lly-recognized marriage in some states, usually based on cohabitation where no for mal marriage ceremony has taken place. Complainant - ANSWER ____________________ is the one who files the suit; same as plaintiff. Complaint - ANSWER ___________________ is a legal document led by the plaintiff to start the divorce process. It states that the marriage has ended and li sts the grounds and claims for the divorce. In some states it is also known as a petition. Condonation - ANSWER ____________________ is the act of forgiving one 's spouse who has committed an act of wrongdoing that would constitute grounds for d ivorce. _____________ generally is proven by living and cohabitating with the spouse aft er learning that the wrongdoing was committed. It is often used as a defense to a divorce. Contempt of Court - ANSWER _________________________ is the willful fa ilure to comply with a court order, judgment, or decree by a party to the a ctions. ________________________ may be punishable by fine or imprisonm ent. Contested Divorce - ANSWER __________________________ any case where the ju dge must decide one or more issues that are not agreed to by the parti es. All cases are considered _____________________ until all issues have been agreed to. Corroborative Witness - ANSWER __________________________ is a person who testifies for one of the parties and backs up their story. Court Order - ANSWER __________________________ is a written instructi on from the court carrying the weight of law. ___________________ must be in wr iting. Anyone who knowingly violates a ____________________ can be held in contempt of court. Cross-Examination - ANSWER _____________________ is the questioning of a witness presented by the opposing party on trial or at a deposition. Th e purpose is to test the truth of that testimony. Curriculum Vitae - ANSWER _________________________ is a resume that is pr epared by an expert witness to show their qualifications in their area of expertise. Decree - ANSWER _______________ is the final ruling of the judge on an action for divorce, legal separation, or annulment. _______________ has the same meaning as judgment. Decree Nisi / Rule Nisi - ANSWER ____________________ is an order by the court stating that a conditional divorce will become absolute by a certain date, unl ess a party contests the order.The benefits of buying summaries with Stuvia:
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