Charities and Trusts Study guides, Class notes & Summaries

Test Bank, Practice quizzes for South-Western Federal Taxation 2023: Corporations, Partnerships, Estates and Trusts 46th Edition 46e by William A. Raabe; James C. Young; Annette Nellen. ISBN-13: 9961 Full Chapters test bank included Part 1: Introduction to Taxation and Business Entities Chapter 1: Understanding and Working with the Federal Tax Law The Big Picture: Importance of Tax Research 1-1 The Whys of the Tax Law 1-2 Summary 1-3 Reconciling Accounting Concepts 1-4 Working wit...

CFP Reviewed Questions and Elaborated Answers 2023 Public 457(b) Plan - CORRECT ANSWER-Plans of deferred compensation described in IRC section 457 are available for certain state and local governments and nongovernmental entities tax exempt under IRC Section 501. They can be either eligible plans under IRC 457(b) or ineligible plans under IRC 457(f). Plans eligible under 457(b) allow employees of sponsoring organizations to defer income taxation on retirement savings into future year...

ACAMS Exam 344 Questions with Verified Answers 2 ways remittance services can foster ML - CORRECT ANSWER • Packages containing large cash sums and even drugs anonymously. • Another technique commonly used by money remitters and currency exchanges is for the broker to make the funds available to the criminal organization at the destination country in the local currency. 2 Ways to launder money in Real Estate - CORRECT ANSWER • By way of chain transactions in real estate to cloak th...

ACAMS Exam 213 Questions with Verified Answers 2023 Definition of money laundering - CORRECT ANSWER Taking criminal proceeds and disguising their illegal origins to use to perform legal or illegal acts 3 stages of money laundering - CORRECT ANSWER Placement, Layering, Integration Placement Stage - CORRECT ANSWER Physically disposing the cash/other assets derived from criminal activity into the financial system Layering Stage - CORRECT ANSWER Separating the illegal funds from their ...

Crime of '73 Also known as the Coinage Act of 1873. It made gold the standard for use in US Currency and demonetized silver waving the bloody shirt When politicians made a refrence to the blood of martyrs in order to criticize other politicians or opposing political ideas. American Federation of Labor Founded in 1886 by an alliance of craft unions, separate from the Knights of Labor, another labor organization. The AFL's goal was to increase welfare for the workingman as well ...

ACAMS Practice Test 2 (Flash Cards) 175 Questions with Verified Answers When a financial institution is served with a search warrant by a law enforcement agency, what are three things that the employees of the institution should do? - CORRECT ANSWER - They should cooperate fully with the law enforcement agents and remain calm and polite. - They should try to obtain an inventory of the materials that the law enforcement agents take from the institution. - They should review the warrant t...

ACAMS Study Guide (6th Edition) Chapter 1|55 Questions with Answers What is Money Laundering? - CORRECT ANSWER Money laundering is the taking of criminal proceeds and disguising their illegal sources in order to use the funds to perform legal or illegal acts. Describe the three phases of Money Laundering. - CORRECT ANSWER 1) Placement is the physical disposal of cash or other assets derived from criminal activity. 2) Layering is the separation of illicit proceeds from their source by ...

ACAMS Study Guide Practice 120 Questions with Verified Answers Which of the following is the most common method of laundering money through a legal money services business? A. Exchanging currency and remitting money B. Smuggling bulk cash C. Transferring funds through payable through accounts (PTAs) D. Exchanging Colombian pesos on the black market - CORRECT ANSWER a In general, the three phases of money laundering are said to be: placement and A. structuring and manipulation. B. l...

A donor has a growing asset. The donor cares about making contributions to charity and also wants to transfer wealth to children free of transfer tax. Which tool would be an appropriate recommendation? charitable lead trust CRTs provide income tax benefits to the donor, an income stream to donor, and a remainder to charity, but do not provide for the balance to heirs. So, likewise, a gift annuity. The CLT does help charity and then it can go to the heirs. A client wants to set up a char...

ACAMS Exam 344 Questions with Verified Answers 2 ways remittance services can foster ML - CORRECT ANSWER • Packages containing large cash sums and even drugs anonymously. • Another technique commonly used by money remitters and currency exchanges is for the broker to make the funds available to the criminal organization at the destination country in the local currency. 2 Ways to launder money in Real Estate - CORRECT ANSWER • By way of chain transactions in real estate to cloak th...