Unit 16
S corporations can have _ number of shareholders
100
when are estate taxes due
9 months after death
what busienss structure is most apporoaiate for retianing money in the business
C corporation
if the trust or estate has income it must be reported on
IRS form 1041
whenever the test uses the term joint tenants it means
JTWROS
inherited securities recieve
a stepped up cost basis
the type of trust created by a will that becomes operative at death is
a testementory trust
several investors open an account in joint tenancy for suitability purposes financial information is required on
all individuals/investors
when does a customer have to receive the OCC options disclosure document
at or prior to the time the account is approved for options trading
what vehicles make use of unified estate tax credit
bypass trust generation skipping trust
a trust account figuring it distribute net income for the year would exclude
captial gains reinvested in the corpus of the trust
a feature of what business entity is limited liability but no flow through of earnings or loss?
corporation
a gift of securities carries the
donors cost basis
a living will is used to
express the authors end of life wishes
trust taxation rates are
highly compressed
when advisory clientsdo wish to structure their portfolios to support ocmpanies that engage in social or environmental policies that they agree with it is known as
impact investing
trusts do not eliminate
income taxes
the only types of accounts that may have the transfer on death designation are
individual. JTWROS and TBE
owners of LLLs are called
members
the one type of account that must be approved by a specially qualified supervisor
options account
what entities would issue a schedule K-1
owners of partnerships, LLCs with more than 1 member and S corporations
one of the ways in which a simple trust differs from a comple trust is that
simple trusts must distirbute net income each year
when stock is given as a gift the donee
takes over the cost basis and holding period of the donor
one major difference between the customers indentifaction program (CTI) and the new accoutn opening rules of the regulatory bodies is that
the CI{ requires date of birth while regualtors only require proof of legal age
the federal legilsation that requires broker delaers to verify the indentity of any person opening an account is
the USA patriot act of 2001
tenants in the entirety (TBE) is unique in that it requires
the consent of parties prior to any actvitiy taking place in the account
property included in a deceased gross estate is generally valued for estate tax purposes at
the fair market value on the date of the deceased death
the pershon who establishes the trust is known as
the settlor/grantor
an LLC can have __ amount of owners
unlimited number of owners/members
