This module, which contains questions and answers regarding CFP Income Tax Planning topics covered in the CFP exam. Get the CFP exam preparation you need.
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These flashcards will cover these topics:
A. Partnerships – contribution of property, pass-through entity, calculation of partner’s basis, services rendered, changes in liabilities, organizational expenditures, partnership losses, transactions outside capacity as partner, sale of partnership interest, substantially appreciated inventory, guaranteed payments, partner distributions, tax basis upon nonliquidating distribution, tax basis upon liquidating distribution, termination of partnership interest.
B. Estates, Trusts and Gifts – simple trust, complex trust, grantor trust, gross income, deductions, credits, distributable net income, taxation of beneficiaries, estate tax, gift tax, GSTT, requirements for gifts, gift tax exclusion limit, present vs. future interest, unlimited marital deduction, qualified terminable interest property, basis of gift property, federal estate tax, valuation of estate assets, reconciliation of gross estate to taxable estate, tenancy in common, joint tenancy, life insurance proceeds, calculation of GSTT.
C. Exempt Organizations – requirements to maintain tax-exempt status, common types, 501 (c)(3) status, organization test, operational test, inurement, private foundations, unrelated business income, legal form, filing requirements.
D. Other Topics – cash method vs. accrual method, constructive receipt, uniform capitalization rules, establishment and types of accounting periods. |
