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BEC all
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  1. what does the Internal revenue code represent
    codification of the federal tax laws of the US

    2-1
  2. what is the calculation to calculate the amount of personal taxes due
    • gross income
    • +- Adjustments
    • =AGI
    • - Deductions
    • - Net Exemptions
    • = Taxable income
    • X Tax Rate
    • = Tax Liability
    • - Credits
    • + Self Employment Tax
    • +AMT
    • - Withholdings
    • -Prepayments
    • = Tax Due
    • 2-1
  3. What is considered an adjustment
    • I EMBRACED Education Health and Farmers
    • Interest on student loan
    • employment tax
    • moving expenses
    • business expense
    • rent/royalty/flow through entity
    • Alimony
    • Contributions to retirement
    • Early withdraw penalty
    • jury duty pay
    • Education
    • Health Savings Accounts
    • Farm income (Schedule F)
    • 2-1
  4. What goes on a Schedule A
    • COMMITT
    • Charitable Contributions
    • Other Miscellaneous
    • Misc Expense
    • Medical Expense
    • Interest
    • Taxes
    • Theft Casualty

    2-1
  5. When must an individual file a tax return
    • if income is greater than the sum of their personal exemptions plus their standard deduction or
    • net self-employment earnings of $400 or more
    • Individuals claimed as dependents on another taxpayers return and have any unearned income and gross income of 950
    • anyone receiving advanced payments on the Earned Income Credit
    • Kiddie Tax
    • 2-1
  6. What is the kiddies tax
    • children who are under 18 years old or full time students under 24, must pay tax at their parents tax rate on unearned income of more than 1,900
    • 2-1
  7. When is an individual tax return due
    April 15

    2-2
  8. How long of an extension is allowed for an individual tax return
    • 6 months (October 15)
    • 2-1
  9. What is allowed to be extended for individual filing an extension
    filing only and does not include tax payment

    2-2
  10. When does interest start and end for late tax payments for individuals
    Starts April 15 and ends when actual payment is made

    2-2
  11. what are the amounts of interest penalties for late tax payments for individuals
    .5% for late payments and 5% for late filings or not filing

    2-2
  12. what is the max amount of penalties for late filings/payments
    25% of net tax owed

    2-2
  13. what form is used to file an individual tax return extension
    4868

    2-2
  14. what form is used to file an amendment
    1040x

    2-2
  15. what is time frame an individual is allowed to file an amendment to their tax return
    • later of
    • 3 years of original tax return due date (including extensions)
    • 2 years after actual payment of tax

    2-2
  16. what are the statue of limitations for the IRS to come after you on an individual tax return
    • 3 years after later of due date of filing date (simple negligence)
    • 6 years if total income is understated by 25% or more (gross negligence)
    • unlimited for tax fraud or non-filing of return (fraud)

    2-2
  17. who uses the cash basis of accounting
    • service type business not exceeding $10M including
    • most individuals
    • S-Corps
    • individually owned partnerships

    2-2
  18. what entities are prohibited from using cash basis
    • C-Corps with receipts exceeding $5M
    • tax shelters
    • certain trusts
    • 2-2
  19. when do individuals on a cash basis recognize income and deductions
    • income - actually or constructively received
    • deductions - disbursed or charged on credit card

    2-3
  20. what is included as gross income
    • INSIST SIP DECAF
    • interest
    • net operating losses
    • Scholarships
    • injury awards
    • stock options
    • tax refunds
    • social security benefits
    • inheritance, gifts, and life insurance
    • prizes and awards
    • dividends
    • earned income
    • capital assets
    • annuities and pensions
    • foreign earned income benefits and annuities
    • 2-3
  21. When is income considered earned
    when it is constructively received

    2-3
  22. what are different types of earned income
    • LASTING JUG
    • life insurance
    • awards and prizes
    • salaries/wages
    • tips
    • illegal drug money
    • non-money form
    • gambling
    • jury duty
    • unemployment
    • group term life

    2-3
  23. when are tips considered earned
    in the month the schedule is submitted.

    • IE. Earned Dec but schedule submitted Jan.
    • 2-3
  24. when are premiums for group term life insurance considered earned income
    • when premiums for group term life are over $50K
    • 2-3
  25. when are prizes and awards not considered earned income
    under 400 and received for years of service

    2-3
  26. is health insurance considered earned income
    • no
    • 2-3
  27. when are scholarships taxable as income
    • compensation of services and
    • money spend of something other than tuition, books, or class supplies for degree seeking students

    2-3
  28. what interest is not taxable as income
    • state and local municipal bond interest
    • Series EE and Series I if redeemed for higher education and
    • bought by taxpayer or spouse
    • buyer at least 24
    • redeem directly (not transferred to school)
    • room and board do not qualify
    • 2-3
  29. what dividends are not taxable as income
    • life insurance dividend - return of premium
    • S-Corp
    • stock dividends from common or splits
    • liquidating dividend
    • 2-4
  30. what is tax rate for dividends
    15% or 0% and after 2012 taxes at normal tax bracket

    2-4
  31. what injury awards are not considered income
    • pain & suffering
    • workers comp
    • 2-4
  32. what value is given to awards and prizes
    • FMV
    • 2-4
  33. what conditions must be satisfied for a prize/award to not be taxed as gross income
    • no services required by recipient and
    • selected without any action on recipients part and
    • payment assigned by recipient to a governmental unit or charitable organization

    2-4
  34. when is social security excluded from gross income
    • if provisional income is less than $25K.
    • It provisional income exceeds $60K tax is subject to 85%

    2-5
  35. how much can you exclude as part of foreign earned income credit
    95,00 of income earned in foreign country

    2-5
  36. how does a person qualify for a foreign earned income exclusion
    • Bona fide residence test
    • physical presence test
    • 2-5
  37. what is the bona fide residence test
    • US citizen who is a foreign resident for an uninterrupted period that includes an entire year OR
    • 2-5
  38. what is the physical presence test
    • US citizen present in a foreign country for at 330 full days in a 12 month period
    • 2-5
  39. what is taxable for tax refunds
    • Federal - interest is
    • state - interest is and refund is itemized on schedule A in PY
    • 2-5
  40. what is tax rate for long-term capital assets
    • 15% if held for more than one year
    • 0% if tax bracket is 10 or 15%
    • 2-5
  41. how much of a net capital loss is allowed against ordinary deduction for individuals
    • 3000
    • 2-5
  42. what is carry forward for net capital loss for individual
    • indefinitely
    • 2-5
  43. how much of a net capital loss is allowed against ordinary deduction for corporations
    • $0
    • 2-5
  44. what is carry forward for net capital loss for corporations
    • back 3 years and forward 5 years
    • 2-5
  45. what is carry forward for net operating loss
    • back 2 years and forward 20 years
    • 2-5
  46. What is the name of schedule A and what goes into it
    • itemized deductions
    • personal and employee deductions
    • 2-5
  47. What is the name of schedule B
    interest and dividend income
  48. What is the name of schedule C and what goes into it
    • profit and loss from a business
    • employer expenses / 1099 income
    • 2-5
  49. What is the name of form 8949 and what goes into it
    • capital gains and losses
    • S/T & L/T investments

    2-5
  50. What is the name of schedule E and what goes into it
    • supplementary income or loss
    • Rental income
    • Royalties
    • Copyrights
    • Oil/gas
    • Patents
    • Flow through entity
    • 2-6
  51. What is the name of schedule F
    • profit and loss from farming
    • 2-6
  52. what is form 1116
    Foreign tax credit
  53. what is form 4562
    depreciation and amortization
  54. what is form 4797
    • sale of L/T business property (not inventory or receivables)
    • 2-6
  55. what is allowable adjustment for student loan interest
    • 2500
    • 2-6
  56. what is allowable adjustment for self employment tax
    • 50% of payroll taxes (FICA & Medicare)
    • 1--% of medical insurance premiums
    • 2-6
  57. what is deduction from payroll taxes for FICA and Medicare
    • FICA - 6.2%
    • Medicare - 1.45%
    • 2-6
  58. when would medical premiums not be allowed as an adjustment
    • when another member of the family has coverage through their employer
    • 2-6
  59. what qualifications must be met for moving expenses to be allowed as adjustment
    • work must be at least 50 miles further from old home (each way)
    • only direct costs are allowed
    • meals, house hunting costs or temp living expenses are not allowed
    • must work at least 39 weeks
    • 2-6
  60. what costs are allowed for business expense
    • FAST HOG
    • fifty percent of meals and entertainment
    • all costs to run business
    • similar to small corp.
    • taxes paid by business
    • hobby losses are not
    • one hundred percent of travel
    • gifts up to $25 per customer
    • 2-6
  61. how much is allowed as a deduction for promotional item for business expense
    • $4
    • 2-6
  62. what is definition of passive activity
    • any business venture in which the taxpayer doesn’t materially participate
    • 2-6
  63. what are the most common types of passive activates that a person can participate in
    • limited partnerships interest
    • all rental activity (if not a real state professional)

    2-6
  64. how are losses recorded for passive activity
    • losses only to the extent of passive gains with unused carried forward until activity disposal
    • 2-7
  65. what entities are allowed to claim a passive activity
    • individuals
    • partnerships
    • estates
    • trusts
    • closely held C-Corp
    • personal service Corp
    • 2-7
  66. when can tax credits from passive activities offset taxes
    • when it arises from passive activities
    • 2-7
  67. how are losses recorded for someone who materially participates in rental activity
    • real estate person - losses treated as ordinary loss
    • active participation - $25 K of losses as ordinary loss
  68. what is phase out for active participation for real estate
    • 50% reduction of excess of taxpayers modified AGI over 100K
    • 2-7
  69. when is rental income allowed to be excluded from gross income
    • dwelling is rented for less than 15 days
    • 2-7
  70. how is rental income treated for a property that is also used for personal use
    • rented more than 14 days or 10% of number of days rented - deductions are limited to gross rental income
    • rented is not more than 14 days or 10% - all expenses allocate to the rental portion
    • 2-7
  71. what qualifications must be met to be considered alimony
    • CANNOT
    • cash only (not property)
    • apart when payments are made
    • not child support
    • not designated as property settlement
    • own return for payer and payee
    • terminates on death of recipient
    • 2-8
  72. would payments for college qualify as alimony
    • yes
    • 2-8
  73. what qualifies as earned income for retirement plan
    • salaries and wages
    • net self-employment
    • alimony
    • 2-8
  74. how much is a person able to contribute to an IRA
    • 5000 or 6000 if 50+
    • 2-8
  75. what is the income cap for Roth IRA
    • 122K or 183K if married
    • 2-8
  76. what conditions cause a traditional IRA to not be deductable
    • individual participates in another pension or profit sharing plan AND
    • AGI excess 68K or 112 married
    • 2-8
  77. what happens to IRA contributions if a spouse is a participant in another plan
    contributions for no-participating spouse cannot be deducted if joint AGI excess 183K

    2-9
  78. when would early deduction from a IRA not cause a 10% penalty
    • reached age 59.5
    • medical expenses exceeding 7.5% AGI
    • death or disability of participant
    • first time purchase of home (10&
    • 2-9
  79. what is a Coverdell education savings account
    • allows 2000 contribution made to beneficiary who is under the age of 18
    • 2-9
  80. how are Coverdell education savings monies withdrawn tax free
    • pay elementary, middle, high school and college expenses
    • 2-9
  81. when does unspent money for Coverdell savings get taxed
    • at age 30 of beneficiary unless transfer money to another family member of same generation
    • 2-9
  82. when would jury duty be entered into AGI
    • when submitted to employer if employer reimbursed for it
    • 2-10
  83. what counts as qualified higher education and what is allowable deduction
    • courses required by employer, by law, govt. regulation, or improve/maintain skills required in performing job
    • $4,000
    • 2-10
  84. what form is used for health savings account deduction
    • 8889
    • 2-10
  85. what is the crop method of accounting
    • cost of producing crop is deducted in year the crop income is realized
    • 2-11
  86. what income items go on schedule f
    • raised livestock, produce & grains
    • livestock and other items bought for resale
    • 2-11
  87. what expenses are allowed for farmers
    • car/truck
    • chemicals & pesticides
    • depression and 179 depreciation
    • feed purchased
    • fertilizers
    • seeds & plants
    • reasonable wages paid to children, meals to feed workers
    • 2-11
  88. when do depreciation review farm income
    11-Feb
  89. what is the standard deduction if being claimed on another persons tax return
    • greater of 950 or earned income +300 never to exceed regular standard deduction
    • 2-11
  90. when would a standard deduction be increased from normal
    • if over 65 or blind
    • $1,450
    • 2-11
  91. when is a charitable deduction allowed to be deducted on taxes
    • if given cash or property and when charity receives the funds
    • 2-12
  92. what valuation is given to property for charitable contributions
    • lower of tax basis or fair market value on date of contribution
    • 2-12
  93. what valuation is given to property for charitable contributions that is held for at least one year
    • fair market value of long-term capital gains recovery
    • 2-12
  94. how much of a deduction is allowed for charitable contributions
    • 50% of AGI or 30% for long-term assets
    • 2-12
  95. what is carry forward for charitable contribution
    • 5 years
    • 2-12
  96. how much of a deduction is allowed for charitable contributions for corporations
    • 10% of ATI
    • 2-12
  97. what qualifies as an other miscellaneous expense
    • gambling losses to extent to winnings
    • estate taxes on income in respect to descendent
    • 2-12
  98. what qualifies as a miscellaneous expense
    • BIT
    • business expense as employee
    • investment costs
    • tax preparation/legal advice related to taxable income
    • 2-12
  99. what form is used for business expenses of an employee
    • form 2106 in schedule A
    • 2-12
  100. what qualifies as a business expense
    • A JAB CLUB
    • AICPA and union dues
    • job travel
    • appraisal fees for charitable donations or casualty loss
    • business mileage
    • CPE/job education
    • laptop
    • uniforms
    • business use of home
    • 2-12
  101. what is included as investment expense
    • safety deposit box
    • investment advisory fees
    • newsletters
    • and IRA custodial fees
    • 2-13
  102. what qualifies as medical expense for deductable expense
    review HW problems for items
  103. who can qualify for medical expense deduction
    • taxpayer
    • spouse
    • dependents
    • anyone who provides taxpayer over 50% of support
    • 2-13
  104. what interest is deductable
    • investment interest
    • mortgage loan interest
    • 2-13
  105. how much of mortgage loan interest is allowed of deduction
    • acquisition indebtedness to 1,000,000
    • home equity loans 100,000
    • 2-13
  106. how much is allowed for deduction of interest
    • extent of reported net investment income on tax return
    • carried forward indefinitely
    • 2-14
  107. what is definition of acquisition indebtedness
    • loans used to acquire or construct the home as well as loans that replace previous acquisition indebtedness
    • 2-14
  108. What taxes are allowed be itemized
    • personal property and real estate taxes
    • state and local sales tax
    • state, local, or foreign taxes
    • 2-14
  109. what does not qualify for taxes for deduction
    • fees
    • fines
    • federal
    • FICA
    • gas
    • excise
    • 2-15
  110. what is phase-out for itemized deductions
    • misc - 2%
    • theft & casualty - 10%
    • medical - 7.5%
    • 2-15
  111. how is loss measured for theft & casualty
    • drop in fair market caused by event but is limited to the tax basis of asset
    • 2-15
  112. what is calculation for theft and casualty losses
    • loss
    • -insurance reimbursement
    • -$100 per event
    • -10% AGI
    • 2-15
  113. when can a child claim an exemption
    • when dependent child is not claimed as personal exemption
    • 2-15
  114. what is requirement for dependent
    • C-IRS Jack you
    • Citizen
    • income
    • relationship or unrelated household member
    • support
    • no Joint return
    • 2-16
  115. What are citizen requirements for dependence
    • US citizen
    • resident of Mexico or Canada
    • 2-15
  116. what is not considered relative for dependence
    • cousin
    • 2-16
  117. what are different credits allowed for individual tax return
    • FACE FED
    • foreign tax credit
    • adoption credits
    • child tax credit
    • education credits
    • first-time homebuyer tax credit
    • earned income credit
    • dependent and child care credit
    • 2-19
  118. what is the amount of child tax credit
    • 1,000 for children under 17
    • 2-17
  119. what is the dependent care credit based on
    • smallest of
    • actual dependent care expenses
    • earned income
    • 3,000 for one dependent or 6,000 for multiple dependents
    • 2-17
  120. what income is used for calculation of dependent care credit
    • earned income is based on lower-paid spouse
    • unless spouse in school and income based on the spouse who is gainfully employed
    • 2-17
  121. what is the amount allowed for the adoption credit
    • first 13,360 of costs and carry forward for 5 years
    • 2-18
  122. what are two different types of education credits
    • American opportunity tax credit
    • lifetime learning credit
    • 2-18
  123. what is the amount of the tax credit for the American opportunities tax credit
    • applies to first four years of post secondary school
    • 100% of first 2,000
    • 25% of next 2,000
    • per student
    • 2-18
  124. what is the amount of the tax credit for lifetime learning credit
    • applies to all other years of education
    • 20% of first 10,000
    • per family
    • 2-19
  125. what are limitations for lifetime learning and American opportunities credit
    • applies to only tuition and fees
    • credit is not available to taxpayers over a certain AGI
    • credit cannot be claimed on the tax return of the dependent
    • cannot claim both credits at the same time
    • 2-18
  126. what is the maximum investment income a person can have to still qualify for earned income credit
    • under 3,100
    • 2-18
  127. what amount is allowed for the first-time homebuyer tax credit
    • lesser of 8,000 or 10% purchase price
    • 2-19
  128. what form are estimated tax payments made
    • 1040ES
    • 2-19
  129. when are estimated tax payments due for individual taxpayers
    • months 4,6,9
    • and Jan 15
    • 2-19
  130. when would an individual be subject to underpayment tax penalty
    • balance due on the tax return is greater than 1,000 by April 15
    • 2-19
  131. how can an individual avoid the underpayment penalty for employment tax
    • withholding & estimated taxes excess 100% of prior year or 100% if taxable income is over 150,000 in PY
    • 90% of current year tax liability is paid
    • 2-19
  132. what is the penalty for underpayment for estimated tax payments
    • filing - 5% per month limited to 25%
    • payment - .5% per month
    • 2-19
  133. what is an accuracy related penalty
    • penalty of 20% if underpayment of employment taxes is attributable to negligence or disregard of rules
    • 2-20
  134. what is the calculation for alternative minimum tax for individuals
    • AMT
    • regular taxable income
    • +- adjustments and preferences
    • =AMTI before exemption
    • - exemption
    • =AMTI
    • X tax rate
    • =tentative minimum tax
    • - regular tax
    • =amt
    • 2-21
  135. what are different adjustments for AMT
    • SIMPLE PIE
    • standard deduction
    • interest on home equity loans
    • medical expenses under 10%AGI
    • personal and dependent exemptions
    • local and state income taxes, all property taxes and sales tax
    • employee business expense, tax prep and investment expense subject to 2%
    • 2-22
  136. what are preferences for AMT
    • PIE
    • private activity bond interest
    • incentive stock options
    • excess depreciation on personal property
    • 2-22
  137. what is the 1933 Federal Securities Act concerned with
    • original issuance of securities intended for sale to the public
    • 3-1
  138. what is the 1934 Securities exchange Act of 1934
    • provides ongoing reporting requirements and focuses on secondary offerings of securities and regulates purchases and sales after initial issuance
    • 3-1
  139. what is the SEC responsible for
    • administering federal securities laws
    • regulating brokers
    • issuing rules on work papers and other records
    • ability to de-list any issuer
    • 3-1
  140. what parts make up a registration statement for being able to issue securities
    • prospectus
    • detailed information about securities being issued
    • 3-1
  141. what is a prospectus
    • summarizes:
    • historical company information
    • discusses risks involved
    • 3-1
  142. what is the detailed information about the securities being issued that is part of registration statement
    • basin information:
    • names & addresses & amounts of securities held by directors, officers, underwriters and shareholders with at least 10% of stock
    • intended used of the proceeds
    • companies debt
    • companies operating history and pending litigation

    • financial information:
    • audited balance sheet (not more than 90 days old)
    • audited pal (for previous 5 years)
    • 3-2
  143. how long does it take for the SEC to deem a registration statement complete
    • 20 days
    • 3-2
  144. what is a red herring
    • issuance of preliminary prospectus
    • 3-2
  145. what does a red herring contain
    • prospectus that has been filed but missing certain unavailable information
    • 3-2
  146. what are tombstone ads
    • announces potential investment and how to acquire prospectus
    • 3-2
  147. is a tombstone ad an offer to sell
    • no
    • 3-2
  148. what is shelf registration
    • requires a company to periodically update the prospectus, but allows sales and resales to be continuous for an indefinite period of time.
    • 3-2
  149. who is a shelf registration not available to
    • first time issuers
    • 3-2
  150. what are blue sky laws
    • state adopted security laws
    • 3-2
  151. what applicable offerings require a registration statement and a prospectus made available
    • SPIN
    • securities offered
    • public issue
    • interstate commerce
    • no other exemption is available
    • 3-2
  152. what are the different exemptions were a securities registration statement is not required
    • ACID BRAINS
    • regulation A
    • commercial paper/casual sale
    • intrastate
    • regulation D
    • brokerage transactions
    • regulated industries
    • agencies of the Gov..
    • insurance contracts/policies
    • not for profit
    • stock dividends and splits
    • 3-3
  153. what is commercial paper
    • notes and bonds that mature within 9 months and used for commercial purposes
    • 3-3
  154. what is regulation A
    • exemption for offerings that raise up to $5M over a period not exceeding 12 months
    • 3-3
  155. what are requirements for regulation A
    • SEC notified within 15 days of first sale
    • offering circular provided to all prospective investors
    • 3-3
  156. what is an offering circular
    • less extensive than prospectus and information does not need to be audited
    • 3-3
  157. what is a casual sale
    • sale by persons not connected with the issuing company
    • 3-5
  158. what is required for intrastate offerings to be exempt
    • company does at least 80% of business operations in a single state
    • securities are offered exclusively to residents of that state
    • the investors agree not to resell their securities to non-residents for at least 9 month
    • 3-5
  159. what are the different types of regulation D exemptions
    • 504,505,506
    • 3-4
  160. is advertising allowed for regulation D rules 504, 505, 506
    • only for 504 and is to non-accredited investors
    • 3-4
  161. what is time frame that SEC must be notified of a sale for regulation D rules 504, 505, 506
    • 15 days after first sale
    • 3-4
  162. when and who is reselling allowed for regulation D rules 504, 505, 506
    • 504 - resale to non-accredited investors is allowed
    • 505, 506 - no resale for 2 years
    • 3-4
  163. what max amount of offerings for regulation D rules 504, 505, 506 and what is the time frame
    • 504 - 1M w/I 12 months
    • 505- 5M w/I 12 months
    • 506 - unlimited w/I unlimited amount of time
    • 3-4
  164. how many investors are allowed for regulation D rules 504, 505, 506
    • 504 - unlimited
    • 505 - unlimited accredited and less than 35 non-accredited
    • 506 - unlimited accredited and less than 35 non-accredited where non-accredited needs to be represented by accredited investor

    3-4
  165. what financial information needs to be given to investors for regulation D rules 504, 505, 506
    • 504 - none
    • 505 - audited balance sheet to non-accredited
    • 506 - audited balance sheet to non-accredited
    • 3-4
  166. for regulation D rules 504, 505, 506 which are allowed if required to report under 1934 act
    • 504 - not
    • 505, 506 - are allowed
    • 3-4
  167. who are causal sales not available to
    • issuers
    • underwriters
    • dealers
    • directors
    • officers
    • owners with at least 10% of any class of shares
    • 3-5
  168. if you are exempt from 1933 act are you exempt from 1934
    • not necessarily
    • 3-5
  169. when is a SEC S-1 (registration statement) needed
    • listed or traded on noation exchange OR
    • at least 10M in assets and 500 shareholders
    • 3-6
  170. what is required disclosure for S-1
    • names of officers and directors
    • nature of business
    • financial struutre of firm
    • any bonus and profit sharing provisions
    • 3-6
  171. what are forms:
    10k
    10q
    8k
    proxy statement
    • 10k - annaul comparative auted financial statements
    • 10q - quaterely unaudited (reviewed) financial information
    • 8k - due after key events
    • proxy statement - indication and objective discussion of matters to be voted on
    • 3-6
  172. when are the following forms due:
    10k
    10q
    8k
    • 10k - 60 days for large accelerated filers, 75 days for accelerated filers, 90 days for all others
    • 10q - 45 days after quarter end
    • 8k - 4 days after event
    • 3-6
  173. what is the difference between a large accelereated filer and an accelerated filer
    • large - 700M of outstanding stock
    • accelerated - 75-700M of outstanding shares
    • SEC website
  174. what is a tender offer
    • attempt to but 5% or more of a class of stock at a specified price
    • 3-7
  175. who must file a tender offer with the SEC and what must be shown
    • person wishing to acquire the stock
    • must be shown:
    • source of fundes
    • amount of stock owned
    • price offered for shares
    • future plans for the company
    • 3-6
  176. what happens if a director, officer or 10% shareholder sales stock pruchased within 6 monhts
    • return the profit to the corporation
    • 3-6
  177. what is a proxy solicitation
    • right to vote someones shares at a shareholder meeting
    • 3-7
  178. what is the fine for an officer of a company who makes certification while knowing it does not comply with SEC requirements
    • 1M of fines or imprisonment for 10 years
    • 3-7
  179. what does the Sarbanes-Oxley do with regards to loans
    • illegal for issuer to give various types of personal loans to or for any executive officer or director
    • 3-7
  180. when would an executive have to forfeit bonus
    • under sarbanes oxley must forfeit if an earnings restatement when misconduct was present
    • 3-7

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