Question 1

Which of the following are not a benefit of a sole proprietorship?

Accepted Answer

A) Availability of pension plans. 
B) Conduit taxation. 
C) Lack of business continuity. 
D) No legal formalities. 
A) Availability of pension plans. 
B) Conduit taxation. 
C) Lack of business continuity. 
D) No legal formalities. C

Question 2

Which of the following unforeseen circumstances is eligible for a partial exclusion under Section 121?

Accepted Answer

A) Change in employment. 
B) Legal separation. 
C) Work-related move if the taxpayer's new employment is more than 20 miles away from the principal residence (working from home). 
D) Work-related move if the taxpayer's new employment is more than 100 miles away from the former place of employment. 
A) Change in employment. 
B) Legal separation. 
C) Work-related move if the taxpayer's new employment is more than 20 miles away from the principal residence (working from home). 
D) Work-related move if the taxpayer's new employment is more than 100 miles away from the former place of employment. B

Question 3

A single-member LLC is automatically considered to be:

Accepted Answer

A) Corporation. 
B) Limited Partnership. 
C) Limited Liability Limited Partnership. 
D) Sole proprietorship. 
A) Corporation. 
B) Limited Partnership. 
C) Limited Liability Limited Partnership. 
D) Sole proprietorship. D

Question 4

Which of the following is not a benefit provided by a Business Overhead Expense insurance policy?

Accepted Answer

A) Employee salary. 
B) Office supplies. 
C) Owner salary. 
D) Utilities. 
A) Employee salary. 
B) Office supplies. 
C) Owner salary. 
D) Utilities.

Question 5

Payments for child support are _____ to the payee and _____ by the payor.

Accepted Answer

A) Nontaxable / deductible. 
B) Nontaxable / nondeductible. 
C) Taxable / nondeductible. 
D) Taxable / deductible. 
A) Nontaxable / deductible. 
B) Nontaxable / nondeductible. 
C) Taxable / nondeductible. 
D) Taxable / deductible.

Question 6

Which of the following will qualify as alimony?

Accepted Answer

A) Cash payments to third parties. 
B) Promissory notes. 
C) Property. 
D) Services. 
A) Cash payments to third parties. 
B) Promissory notes. 
C) Property. 
D) Services.

Question 7

Which of the following is an association of two or more owners to carry on a trade or business for profit and the owners are personally liable for malpractice-related claims resulting from negligence or misconduct?

Accepted Answer

A) Corporation. 
B) General Partnership. 
C) Limited Liability Partnership. 
D) Sole Proprietorship. 
A) Corporation. 
B) General Partnership. 
C) Limited Liability Partnership. 
D) Sole Proprietorship.

Question 8

The Section 121 exclusions is allowed:

Accepted Answer

A) Once every four years. 
B) Once every two years. 
C) To a surviving spouse up to three years. 
D) To a surviving spouse up to one year. 
A) Once every four years. 
B) Once every two years. 
C) To a surviving spouse up to three years. 
D) To a surviving spouse up to one year.

Which of the following are not a benefit of a sole proprietorship?

Which of the following unforeseen circumstances is eligible for a partial exclusion under Section 121?

A single-member LLC is automatically considered to be:

Which of the following is not a benefit provided by a Business Overhead Expense insurance policy?

Payments for child support are _ to the payee and _ by the payor.

Which of the following will qualify as alimony?

Which of the following is an association of two or more owners to carry on a trade or business for profit and the owners are personally liable for malpractice-related claims resulting from negligence or misconduct?

The Section 121 exclusions is allowed:

Personal Financial Planning

The Statement on Standards in Personal Financial Planning Services No

Time Value of Money Concepts

Fundamentals of Personal Financial Planning

Estate Planning Basics

Charitable Gift Planning Basics

Principles of Risk and Insurance

Insurance Planning Basics

Insurance Planning Basics

Investment Basics

Investment Planning

Planning for Retirement and Financial Independence

Planning Vehicles for Retirement

Elder Planning Basics

Education Planning Basics

Applications in Estate Planning

Applications in Risk Management

Applications in Investment Planning

Applications in Planning for Retirement

Applications in Employee Benefits Planning

Applications in Executive Compensation Planning

Delivery Models and Regulatory Issues

Filters

Exam 22: Applications in Personal Financial Planning in Special Circumstances

Which of the following are not a benefit of a sole proprietorship?

Which of the following unforeseen circumstances is eligible for a partial exclusion under Section 121?

A single-member LLC is automatically considered to be:

Which of the following is not a benefit provided by a Business Overhead Expense insurance policy?

Payments for child support are _____ to the payee and _____ by the payor.

Which of the following will qualify as alimony?

Which of the following is an association of two or more owners to carry on a trade or business for profit and the owners are personally liable for malpractice-related claims resulting from negligence or misconduct?

The Section 121 exclusions is allowed:

Personal Financial Planning

The Statement on Standards in Personal Financial Planning Services No

Time Value of Money Concepts

Fundamentals of Personal Financial Planning

Estate Planning Basics

Charitable Gift Planning Basics

Principles of Risk and Insurance

Insurance Planning Basics

Insurance Planning Basics

Investment Basics

Investment Planning

Planning for Retirement and Financial Independence

Planning Vehicles for Retirement

Elder Planning Basics

Education Planning Basics

Applications in Estate Planning

Applications in Risk Management

Applications in Investment Planning

Applications in Planning for Retirement

Applications in Employee Benefits Planning

Applications in Executive Compensation Planning

Delivery Models and Regulatory Issues

Filters

Payments for child support are _ to the payee and _ by the payor.