SIE Exam Practice Questions | 80 Questions with 100% Correct Answers | Updated and Verified | 26 Pages

all of the following accounts are for unincorporated business except: sole proprietorship accounts corporate accounts partnership accounts limited liability company accounts - corporate accounts - corporations are incorporated In an irrevocable trust may or must do which of the following? I. May change the terms of the trust II. Must give up ownership of items placed in the trust III. May reduce estate taxes IV. May retain ownership of items placed in the trust - II and III - The grantor may be able to avoid some of the tax consequences because he gives up ownership of items in the trust and cannot change the terms of the trust once established. A customer wants to save some money for his grandson's college education in an IRA account. Which of the following regarding a Coverdell Education Savings Account (ESA) is true? A)The maximum contribution permitted is $3,000 annually. B)The funds must be distributed by the time the grandchild attains age 30, unless they are rolled over. C)The customer may take a deduction for the amount contributed.