According to irs code - Study guides, Class notes & Summaries

Independent contractor must pay their own expenses. According to IRS code section 3508[A, B], real estate agents are statutory non-employees and are therefore independent contractors. The code also states that there must be a written contract between the broker and the sales associate, also reviewed every 12-15 months · All records must be kept for 3 years · If sales associate not deemed independent then they will not be able to file "SCHEDULE C' of the federal return · The Independ...

What is the provision of the tax rule that makes income taxable only for the individuals who receive it, and not for the business entity that produces it? Double taxation Pass through Dividend retention Income averaging - ️️Pass Through Which of the following is NOT one of the recognized disadvantages of doing business as a corporation? A corporation must comply with a great number of state and federal regulations. Corporate profits are subject to double taxation. A corporation mus...

What is the money in the Recovery Trust Account used for? A) To pay an aggrieved party who has won a judgment against a licensee for damages from a real estate transaction B) To pay commission that agents were wrongfully deprived of C) For taxes for the state of Texas D) For TREC to recover the funds to keep their computer systems up to date - A) To pay an aggrieved party who has won a judgment against a licensee for damages from a real estate transaction Wesley just bought a house with...

NYREI Exam Review (1-10) Questions and Answers (Graded A) According to IRS code, licensed re agents are: - ANSWER ️️ statutory non- employees who are treated as independent contractors for tax purposes Each licensed broker shall keep and maintain records for: - ANSWER ️️ 3 years Brokers can provide ______, but salespersons are responsible for _____ incurred - ANSWER ️️ office and supplies, expenses Who issues real estate licenses - ANSWER ️️ NY State Dept of State's Divisi...

According to IRS code, licensed re agents are: - ANSWER statutory non-employees who are treated as independent contractors for tax purposes Each licensed broker shall keep and maintain records for: - ANSWER 3 years Brokers can provide ______, but salespersons are responsible for _____ incurred - ANSWER office and supplies, expenses Who issues real estate licenses - ANSWER NY State Dept of State's Division of Licensing Services associate real estate brokers - ANSWER became brokers bu...

According to IRS code, licensed re agents are: - ANSWER statutory non-employees who are treated as independent contractors for tax purposes Each licensed broker shall keep and maintain records for: - ANSWER 3 years Brokers can provide ______, but salespersons are responsible for _____ incurred - ANSWER office and supplies, expenses Who issues real estate licenses - ANSWER NY State Dept of State's Division of Licensing Services associate real estate brokers - ANSWER became brokers bu...

Proprietary/Financial Accounting tracks - Answer ️️ -assets What specific statutory authority allows an agency to incur obligations in anticipation or in advance of either receipts or an appropriation of liquidating cash with which to pay the obligation? - Answer ️️ -Contract Authority Personal Impairments result from what? - Answer ️️ -relationships or beliefs that might weaken or slant audit findings Measures and controls the use of the resources according to the purposes for...

NYREI EXAM REVIEW CHAPTERS 1-10 QUESTIONS WITH CORRECT ANSWERS ALREADY GRADED A+ According to IRS code, licensed re agents are: - statutory non-employees who are treated as independent contractors for tax purposes Each licensed broker shall keep and maintain records for: - 3 years Brokers can provide ______, but salespersons are responsible for _____ incurred - office and supplies, expenses Who issues real estate licenses - NY State Dept of State's Division of Licens...

TEST BANK FOR FEDERAL TAX RESEARCH 11th EDITION BY ROBY B. SAWYERS, STEVEN GILL | COMPLETE GUIDE | CHAPTER . In the United States, the tax system is an outgrowth of the following five disciplines: law, accounting, economics, political science, and sociology. The environment for the tax system is provided by the principles of economics, sociology, and political science, while the legal and accounting fields are responsible for the system's interpretation and application. Each of these discipli...

What is the money in the Recovery Trust Account used for? A) To pay an aggrieved party who has won a judgment against a licensee for damages from a real estate transaction B) To pay commission that agents were wrongfully deprived of C) For taxes for the state of Texas D) For TREC to recover the funds to keep their computer systems up to date - correct answer -A) To pay an aggrieved party who has won a judgment against a licensee for damages from a real estate transaction Wesley just bou...