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QUESTION 59

1. An investor has the following investment results for the current year:Capital gains $10,000Capital losses $25,000What is the tax status for this investor?

   		$3,000 loss for this year, $22,000 carried over into next year
   		$15,000 loss for this year
   		$3,000 loss for this year, $3,000 carried over into next year
   		$3,000 loss for this year, $12,000 carried over into next year

1 points

QUESTION 60

1. Which of the annuities is a qualified annuity?

   		403b plan
   		Variable annuity
   		Fixed annuity
   		457 plan for employees of 501c3 organizations

1 points

QUESTION 61

1. If an investor sells a security at a loss, the investor cannot buy back the same security nor anything convertible into the same security for at least:

   		30 days
   		60 days
   		20 days
   		90 days

1 points

QUESTION 62

1. What is the maximum lump-sum contribution allowed for a 529 plan?

   		$75,000
   		$30,000
   		$60,000
   		$15,000

1 points

QUESTION 63

1. An investor deposited $75,000 to become a member of an oil & gas limited partnership. In addition, he deposited $20,000 in recourse debt. For this calendar year, he reports a $10,000 cash distribution, $30,000 in depreciation, and $25,000 in depletion. What is the investor's cost basis?

   		$70,000
   		$50,000
   		$10,000
   		$30,000

1 points

QUESTION 64

1. All of the following are possible ways that a partnership may be terminated EXCEPT:

   		Loss of a partner due to death, insanity, or retirement
   		The general partners vote to terminate the partnership
   		The IRS finds that a partnership is an abusive partnership
   		The partnership reaches its objectives

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