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IRS CE CREDIT: You will be given an opportunity at the end of the exam to have your hours reported to the IRS.
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Arnold is planning to retire from his aerospace engineering job when he turns 62. According to the author’s planning estimate, he should realistically plan for a retirement period lasting until he is:
Sam’s current income is $100,000 per year. According to the Georgia State University study, he should, in order to live comfortably, plan for his annual retirement income to be in the range of:
You are explaining to a client the concept of tax-deferred income. As a result, you should mention that a key characteristic of tax-deferred income is:
You are advising an older client, Jennifer, who is planning to carefully buy some assets. As a basic guideline, you would want her to be sure to:
Cliff owns a variety of tangible assets and wants to do a tax-free like-kind exchange. You would advise Cliff that under §1031 he is permitted to:
Rick, a small business owner, is interested in offering his employees a SIMPLE plan. You should explain to him that SIMPLE plans are different from other retirement plans in that they can:
Megan is interested in deferred annuities as a possible alternative to an IRA and seeks your guidance. You should inform her that:
Fred is married with three dependent children and is a low-income working individual. Given his low earnings and dependent children, when he files his taxes, Fred will most likely be able to claim a(n):
John makes estimated payments for income and self-employment taxes. This total obligation is referred to as the:
Mary has been making interest only mortgage payments on a house she rents out to others and wants to know how she might use these payments on her tax return. You would advise her that under §469 she can:
A massive gas explosion destroys the building in which your business is located, resulting in large §165 business casualty losses. As a result, you should be able to:
After considering his options, Jeff decides it is to his advantage to form a family partnership under §704(e) because this kind of partnership can:
You are a small business owner and you decide to provide your employees with §129 dependent care assistance. As a result of this assistance, you can:
Ben was divorced in 2018 and is paying alimony and child support. However, he is receiving substantial interest from municipal bonds he received in the divorce. Of these items, he may deduct the:
Betty was born in 1962 and has worked forty quarters. As a result, at what age may she receive full Social Security benefits?