Exam (elaborations)
CRPC Sample Tests | Questions And Answers Latest {} A+ Graded | 100% Verified
- Course
- Institution
CRPC Sample Tests | Questions And Answers Latest {} A+ Graded | 100% Verified
[Show more]
Content preview
CRPC Sample Tests | Questions And Answers Latest {2024- 2025} A+ Graded | 100%Verified
Gift splitting - Allows a married couple to double their allowable annual exclusions is only allowed for
married couples
Ownership limited to spouses only - Joint tenancy tenancy by the entirety community property
Grantor retained interest Trust Grit - Grantor can receive all income earned by the trust
Qualified terminable interest Property Trust Q-tip - Income of a Q-tip goes to the grantor's spouse
Charitable lead Trust CLT - The income goes to charity
Power of appointment trust POA - Income goes to the grantor's spouse
Valuation date for gifts - The date on which the transfer is completed
Gross estate - Includes all the property that is subject to the federal estate tax whether or not owned by
the decedent and whether or not included in the the probate or taxable estate
Taxation of reinvestment of ordinary dividends - Qualified dividends are subject to the same tax rates
applicable to long-term capital gains
The basis for charitable contribution deduction for stock - Based on the current fair market value of the
stock
Taxation of substitute payments in lieu of a dividend - Substitute payments in lieu of a dividend are not
subject to preferential treatment and are treated as ordinary income
,How does a stock dividend affect basis - The basis is reduced to provide basis for shares are received as
a stock dividend
Net capital loss amount - $3,000 per year are deductible
Taxation of qualified dividends - Dividends are taxed at 15% or 20% if the dividends fall into the 39.6%
bracket
Text treatment for a shareholder participating in common stock dividend reinvestment program - The
shareholder is treated as if he received a cash dividend equal to the fair market value of the shares
purchased under the plan
When is earned income taxed - It is taxed in the year when the check was received
Medical expenses and AMT - Most that are deducted are allowed for AMT purposes 10% of AGI
Bargain element on exercise of an incentive stock option and AMT - Included as a preference item for
AMT
Private activity municipal bonds and AMT - Interest from private activity Muni bonds is an AMT
preference item except for bonds issued in 2009 and 2010
Home mortgage interest and AMT - Home mortgage interest is allowed for regular and AMT
Adjusted gross income - Income remaining after subtracting the adjustments to income
Domestic Partners transfer wealth to the other vs legal spouse - Governor domestic partner cannot take
a marital deduction in excess of the gift tax annual exclusion for the transfer while a donor spouse could
If a domestic partner is appointed as conservator or Guardian - The individual should make his or her
desire to have the domestic partner appointed by executing written documents approved by state law
as intestacy laws typically follow the bloodline
,Per year 4 retirement benefit increase over full retirement age - 8%
Qlac - Suitable for those who are healthy and have a family history of longevity and those entering
retirement with Social Security as their only source of guaranteed income
Bucket approach to withdrawals from retirement savings - ...
Proper written Financial goal - Specific in terms of gold dollar amount and time frame
Income replacement percentages - Income replacement percentages vary between low-income and
high-income retirees. Income replacement ratios should not be used as the only basis for planning. Are
useful for younger clients as a guide to their long-term planning and investing.
Investment policy attributes - Long-term perspective. Realistic. Clearly defined.
Asset allocation strategies - Tactical. Core satellite. Strategic
Correlation and diversification - The lowest correlation provides the most diversification
Two major risks associated with Common Stocks - Market risk and business risk
Two major risks associated with Bond investing - Interest rate risk and purchasing power risk
Calculating yield to maturity on the calculator - Set the end mode
Allowable earnings limit for 2015 for no reduction in Social Security benefits - $15,720 earned income
Social Security benefits available when fully insured worker begins at full retirement age - At full
retirement age the workers spouse will receive at least 50% of the workers PIA. Capitulo 4 retirement
, age the PIAA is reduced by 25/36 of 1% for each of the first 36 months the spouse is under full
retirement age
How does tax-exempt interest affect social security taxation - All tax-exempt income is included to
determine a social security taxation a maximum of 85% of Social Security benefits are subject
Features of defined benefit plans - Write a predetermined fix retirement benefit for participating
employees
Do Target benefit plans offer Survivor annuity benefits to married participants - Qualified Pension Plan
such as Target benefit plans are required to offer Survivor annuity benefits to married participants
qualified profit sharing plans including stock bonus plans and Aesop's generally are not subject to the
Survivor annuity requirements but more typically offer lump sum payouts
Describe an in lieu of plan - A pure Deferred Compensation Plan is sometimes called in lieu of plan
because the employee is receiving the employer's promise to pay benefits in lieu of current income.
death benefit plans provide no life time benefits to the employee participant the employer helps to fund
the retirement benefit provided by a supplemental plan. some Deferred Compensation Plan provide
additional benefits such as benefits for disability
Similarity between qualified and non-qualified plans - They must enable the employee to defer taxation
on the plan funds until retirement
What can affect the retirement benefits in a defined contribution plan - The actual investment returns.
The value of the participants individual account balance at retirement
Which allocations are permitted in a qualified profit sharing / 401K plan - Investment earnings allocated
in proportion to relative account balances and employer contributions to the profit sharing plan
allocated in proportion to relative compensation
Describe the limits that apply to qualified defined contribution plans - Annual limit is the lesser of 100%
of pay or $53,000. Employer deduction limit is 25% for profit sharing plans, money purchase plans,
Target plans, have multiple defined-contribution plans. The annual additions limit for a participant and
multiple defined-contribution plans of the employer or related employers must also be aggregated
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller oneclass. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.48. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
