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Fundamentals Of Financial Planning 3rd Edition Michael A Dalton, Joseph Gillice - Solutions
Discuss the formation and operation of an LLC.
At formation of a family limited part- nership, the founder is subject to gift tax on the transfer of the property interest to the family limited partnership.a. Trueb. False
Only a limited partner can manage a family limited partnership.a. Trueb. False
Explain the advantages of using an FLP to protect family assets.
Describe how the tax attributes of an FLP can be useful in other areas of financial planning.
The transferability of an interest in an LLP is the same as for any other type of partnership.a. Trueb. False
Limited liability partnerships are gener- ally owned by licensed professionals.a. Trueb. False
Explain the ways in which an LLP dif- fers from a general partnership.
Explain who can form a limited liability partnership.
Limited partnerships offer limited liabil- ity for all partners.a. Trueb. False
Limited partnerships are generally required to register with the state.a. Trueb. False
Explain the advantages and disadvan- tages of a limited partnership.
Describe the ways in which a limited partnership is different from a general partnership.
General partnerships are pass-through entities for tax purposes.a. Trueb. False
The owners of a general partnership have limited liability from the debts and obligations of the partnership.a. Trueb. False
General partnerships are governed by federal law.a. Trueb. False
Explain the tax attributes of a general partnership.
Describe the sources of liability for a general partnership.
Explain why disposing of a general part- nership interest may be difficult.
Discuss the formation and operation of a general partnership.
The ordinary and necessary expenses of a sole proprietorship are reported on Schedule C of the owner's Form 1040. Truea. b. False
One of the major disadvantages of a sole proprietorship is the potential legal lia- bility.a. Trueb. False
Sole proprietorships are never required to register with the state in which they do business.a. Trueb. False
Explain the tax attributes of a sole pro- prietorship.
Explain how a sole proprietorship can raise capital.
Describe the liability issues associated with a sole proprietorship.
Describe the formation and operation of a sole proprietorship.
"Piercing the veil" may occur if business owners fail to keep their personal records with their business records.a. Trueb. False
Not all entities are separate legal entities for the purposes of taxation.a. Trueb. False
Define "piercing the veil."
Identify the factors to be considered during the entity selection process.
Name the most common legal entities.
What are some of the disadvantages of an S corporation?
What are some of the advantages of a corporation?
What is an operating agreement and why is it important to have this document?
What are the risks associated with the taxation of an FLP?
How is a family limited partnership usually formed?
Define “checking the box.”
How does the limited partnership arrangement affect an entity’s ability to raise capital?
What is the principal disadvantage of the general partnership arrangement?
Why is it often difficult to dispose of an interest in a partnership?
How can an entity avoid having a court “pierce the veil?”
Compare an S corporation to a limited liability company.
How is a limited liability company taxed if it has one or more owners?
What type of business entity should be chosen if the owners expect losses in the first few years and the owners want limited personal liability?
How is a C corporation taxed?
How do different types of business entities differ from each other with regard to the personal liability of owners for business obligation?
What are the differences between a a general and a limited partnership?
How is a general partnership taxed?
What are the different types of legal entities from which a business owner can conduct business?
Understand the basics involved in protecting owners from each other.
Describe the calculation of the deduction for retirement plan contributions by selfemployed individuals.
Identify adjustments, deductions and exclusions that may be available to sole proprietors, partners, LLPs, LLCs, S-corp and C-corp owners.*
Compare the income and payroll tax effects of wage versus ownership income.*
Differentiate between the organizational form and the tax treatment of income, expenses, payroll and wage taxes for sole proprietorships, partnerships, LLPs, LLCs, S-corps and C-corps.
Understand the issue of personal liability in the selection of entities.
Which states recognize community property?
Define community property.
Can a joint tenancy by partitioned?
Define right of survivorship.
Define joint tenancy.
Define tenancy in common.
Define fee simple property ownership.
List at least three types of property ownership.
List and define the three major types of property.
Identify and discuss the parties to a power of attorney.
What is a power of attorney?
What is a living will?
Briefly define the types of wills.
List the basic documents used in estate planning.
What is usually the most important client objective?
List the six basic steps of the estate planning process.
Discuss some of the risks associated with failing to plan for estate transfer.
List three common goals of estate planning.
What is an efficient transfer?
What is an effective transfer?
Discuss a basic understanding of the estate tax system.
Describe the characteristics of a gift, the valuation of gifts, and exclusions and exemptions associated with gifts.
Describe the federal estate and gift tax system.
Describe the use of trusts in estate landing.
Identify the common duties of an executor and/or administrator.
Understand the difference between testate and intestate succession.
Define and describe the probate process and its purposes.
joint tenancy with right of survivorship, tenants by the entirety, and community property.
Describe the various types of property interests including fee simple, tenants-incommon,
Clearly differentiate between limited and general powers.
Identify the basic documents included an estate plan including wills, side letters, powers of attorney and appointment, and directives regarding healthcare.
Describe the estate planning process.
List and discuss the goals, objectives, and risks of estate planning.
Define estate planning.
Treynor ratio is a relative risk adjusted performance indicator that compares a Treynor ratio for one fund to the Treynor ratio for another fund.a. Trueb. False
Jensen's Alpha is an absolute risk adjusted performance measurement that indicates whether the fund manager exceeded expectations or underper- formed.a. Trueb. False
Balance funds typically invest in a total mix of both fixed income securities and bonds.a. Trueb. False
A closed-end investment company investment company where investors purchase their shares from and sell them back to the mutual fund itself.a. Trueb. False
Determine how an investor's asset allo- cation can be determined. is an
Determine the difference between an absolute risk adjusted performance mea- surement and a relative risk adjusted performance indicator.
Identify the four different types of risk adjusted performance measures.
Determine the difference between open- end investment companies and closed- end investment companies.
Identify the different types and charac- teristics of investment companies.
Calls give the holder the right to sell the underlying security at a certain price by a certain date.a. Trueb. False
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