Clfp chapter 1 - Study guides, Class notes & Summaries
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CLFP 2019- CHAPTER 1 LATEST ACTUAL EXAM WITH RATIONALE
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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...
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