AFIP Cert Quiz Questions - IRS/FinCEN Form 8300 Cash Reporting Rule Questions And Answers
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Course
AFIP
Institution
AFIP
AFIP Cert Quiz Questions - IRS/FinCEN
Form 8300 Cash Reporting Rule Questions
And Answers
If in the course of paying for a vehicle, a customer gives a dealership seven cashier's checks,
each with a face amount of less than $10,000, but the total amount paid is greater than $10,000,
what sh...
AFIP Cert Quiz Questions - IRS/FinCEN
Form 8300 Cash Reporting Rule Questions
And Answers
If in the course of paying for a vehicle, a customer gives a dealership seven cashier's checks,
each with a face amount of less than $10,000, but the total amount paid is greater than $10,000,
what should the dealership do?
A. File a form because it's a suspicious transaction
B. File a form because it's a cease and desist
C. File the form because it's a related transaction (24 hours)
D. Do not file the form because it's a suspicious transaction
E. A, B and C
F. None of the above A. File a form because it's a suspicious transaction
A credit-challenged customer paid $15,000 cash down for a vehicle with the $27,000 balance to
be financed. However, no credit source would accept the deal, even with the large downpayment,
and the transaction was terminated. In this case, _______
A. The IRS does not regulate unwound deals - dealership policy will dictate how the situation
will be handled
, AFIP Cert Quiz Questions - IRS/FinCEN
Form 8300 Cash Reporting Rule Questions
And Answers
B. The dealership need not file the Form 8300
C. The dealership must file the Form 8300 if the someone at the dealership was in receipt of the
cash exceeding the filing requirement. C. The dealership must file the Form 8300 if the
someone at the dealership was in receipt of the cash exceeding the filing requirement.
Car Dealership filing Form 8300 must provide its identified customers with the written statement
on or before Jan. 31 of the year that immediately follows the year the customer made the cash
payment.
A. True
B. False A. True
Regardless of the amount of cash received or how it is apportioned, if the transaction appears to
be suspicious, a dealership should file a Form 8300?
A. True
B. False A. True
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