Final Exam > Results Page
final exam score:100%
final exam PASSED
Final Exam > Question 1
In light of the Windsor decision, which one of the following statements about amending qualified retirement plans is not correct?
The basic deadline is the later of December 31, 2014, or the otherwise applicable deadline for making plan amendments.
Plan sponsors do not have to wait until the deadline to amend their plans.
XX Safe harbor plans cannot be amended mid-year.
Regardless of when plans are amended, they must operate in conformity with the law as of September 16, 2013 (i.e., recognizing same-sex marriage).
Final Exam > Question 2
Which one of the following statements about the passive activity loss rules is not correct?
XX Losses in excess of passive activity income can be carried forward.
A final disposition does not have to entail income recognition.
The rules are in Code Sec. 469.
The PAL rules have application to the 3.8% Medicare tax.
Final Exam > Question 3
Which one of the following statements about the premium tax credit is not correct?
It applies starting in 2014.
It can be applied toward the payment of premiums.
XX Married persons must file jointly in all circumstances.
The credit is refundable.
Final Exam > Question 4
The maximum contribution to a health savings account in 2015 for family coverage by a couple both age 50 is:
$6,550
XX $6,650
$7,650
$8,650
Final Exam > Question 5
A high-deductible health plan in 2015 for someone with self-only coverage must have a minimum deductible of:
$1,250
XX $1,300
$6,350
$6,450
Final Exam > Question 6
To use the pilot program for certain unfiled 5500 forms, which of the following must be done?
Determine whether the plan is eligible for relief under the pilot program.
Complete the appropriate form in the 5500 series.
Mark in red letters that the form is being filed under Rev. Proc. 2014-32.
XX All of the above
Final Exam > Question 7
The IRS has determined all of the following consequences for bitcoin transactions except:
Mining bitcoin can generate capital gain.
XX Bitcoin is treated like currency.
Employees paid in bitcoin have taxable compensation.
The value of bitcoin is not set by the IRS.
Final Exam > Question 8
The Law Enforcement Pilot Program for identity theft is in all of the following states except:
California
Florida
XX Illinois
New York
Final Exam > Question 9
What can taxpayers do to avoid delaying tax refunds because of identity theft?
Safeguard personal information so as not to become a victim of identity theft.
File a tax return as early as possible.
Use a credit monitoring service to detect erroneous use of personal information.
XX All of the above
Final Exam > Question 10
If a tax practitioner fails to protect client information and follow laws when such information is compromised, which of the following can result?
Government penalties
Client lawsuits
Harm to reputation
XX All of the above