Clfp chapter 1 - Study guides, Class notes & Summaries

CLFP 2019- CHAPTER 1 LATEST ACTUAL EXAM WITH RATIONALE ITC (Investment Tax Credit) - 1960's - ANSWER-Used to stimulate the economy and capital expenditures, it provided a tax credit to purchasers of equipment to offset their tax liability to the government. Initially set at 7%, it became a give & take option with the government. Revenue Procedure 's (TAX LENS) - ANSWER-Laid out the 6 criteria the IRS would use for advanced rulings to determine if the Lessor is t...