Borrower who has failed to make a payment of principal or interest rate when due is determined to be in delinquency. 4. Prestige cards offer exclusive benefits and generally have a high criteria for acceptance. 5. Affinity cards are branded credit cards that carry both the logo of the banking institution as well as the logo of the sponsored organization.
the expense is actually incurred. None of the above 4. (TCO A) Which of the following constitutes tax evasion? (Points : 5) Arranging your affairs to keep your tax liability as low as possible under the tax law Avoiding taxes Failing to disclose a tax liability from a completed transaction Trying to minimize your tax liability 5. (TCO C) Which of the following items is subject to federal income tax?
Question 14-4 - What is the purpose of Code Sec. 351 in regard to transfer to corporation? Code Sec. 351 states that no gain or loss is recognized by shareholders if property is transferred to a controlled corporation by one or more persons in exchange for stock in the corporation. Moreover, no gain or loss is recognized to a corporation upon the receipt of money or other property in exchange for the stock of such corporation.
ACC 422 Week 5 Final Exam http://www.homeworkarena.com/acc-422-final-exam-perfect-solution 1) Which of the following is NOT considered cash for financial reporting purposes? A. Postdated checks and I.O.U.’s B. Money orders, certified checks, and personal checks C. Petty cash funds and change funds D. Coin, currency, and available funds 2) What is the preferable presentation of accounts receivable from officers, employees, or affiliated companies on a balance sheet? A. As assets but separately from other receivables.
http://www.irs.gov/businesses/small/article/0,,id=146330,00.html.” Dividends, interest, annuities, and royalties not accumulated through the ordinary course of trade or business is Portfolio income, not passive income. The sales of stock and bonds are also portfolio income. 7-13) Martially participation is
dividends received. : 4 5 of 5 Question 13. Question : (TCO 4) Which is a shareholders’ equity account in the balance sheet? Accumulated depreciation Paid-in capital Dividends payable Marketable securities : 3 5 of 5 Question 14. Question : (TCO 4) Which of the following groups is not among the external users for whom financial statements are prepared?
Question 14-4 What is the purpose of Code Sec. 351 in regard to transfers to corporations? Internal Revenue Code section 351 permits shareholders of a corporation to defer recognition of a gain or loss on the transfer of assets to the corporation. The transfer of property may be made when a new corporation is formed or may reflect additional capital contributions to an existing corporation. Without Section 351, a sole proprietorship or a partnership would have difficulty adopting the corporate form of organization for legal and/or tax purposes because the transfer of appreciated property would constitute a taxable transaction in a recognized gain.
Banaitis appealed to the Ninth Circuit Court of Appeals, which ruled that contingency fees could not be taxed as income. Banks appealed to the Sixth Circuit Court of Appeals, which ruled contingency fees were never taxable income. Other federal appeals courts ruled to the contrary. The U.S. Supreme Court consolidated Banaitis and Banks
The final rule clarifies that an individual engages in the business of a loan originator if the individual, in a commercial context and habitually or repeatedly. The law exempts those who only perform real estate brokerage activities unless compensated by a lender, mortgage broker, or other loan originator (or their agent). Unless brokers/agents engage in the business of a loan originator, they do not have to be licensed as loan
Even if the customer is at fault or negligent the bank can be liable for some of the loss if they failed to exercise ordinary care. 8. What role does the Federal Reserve System play in clearing checks? They act as a clearinghouse, a system or a place where banks exchange checks and drafts drawn on each other and settle daily balances. 9.