1. which of the following life situations does not qualify you for a student loan deferment A. Long term disabilitu B. Currently enrolled college C. Religious commitment/serivce D. Recently fired/loss of job
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1. which of the following life situations does not qualify you for a student loan deferment
A. Long term disabilitu B. Currently enrolled college C. Religious commitment/serivce D. Recently fired/loss of job
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- Case, Part 2: Suppose you decide that you will not submit an application for an ARM due to Velma’s intention to retire in three years, about the time the monthly payments on the loan could jump beyond her ability to pay on a fixed income. You don’t want to seem as though you are pushing through an inappropriate loan. Velma is very unhappy and accuses you of refusing to help her because she’s a woman and a minority. It seems as though your choice is between risking accusations of discrimination or accusations of predatory lending. Now, what do you do?Which one(s) is/are true for RRSP? (There might be more than one answer). Question 1 options: The Home Buyers' Plan (HBP) is a tax-free withdrawal from an RRSP account for persons who are deemed to be first-time home buyers. An eligible person is permitted to take an withdraw up to $35,000.00 from their RRSPs to purchase or construct a home for themselves. The LLP student must be enrolled on a full-time basis at the educational institution. Students can not be enrolled on a part-time basis under any conditions. Any contribution made to an RRSP within 89 days prior to the HBP request does not qualify to be part of the HBP program. Up to $5000 net per year, over four years, up to a maximum of $20,000 net, can be redeemed per spouse for purposes of the LLP.1. The imputed interest rules apply to which of the following type of loan? a.Coercion-related loans b.Loans from one employee to another c.Shareholder-corporation loans made from a shareholder to a corporation d.Gift loans made out of love or affection e.Loans made between two objective parties at the market rate of interest 2. In December 2022, Bellamy collected the December 2022 and January 2023 rent from a tenant. Bellamy is a cash basis taxpayer. The amount collected in December 2022 for the 2023 rent should be included in the 2023 gross income. True False
- Which of the following liabilities would be considered nonrecourse? A bank loan for which the taxpayer is personally liable. b.A $20,000 real estate loan which allows the bank to take the real estate if the taxpayer stops making payments on the loan. c.Credit card debt. d.All of these choices are non-recourse liabilities.1. Deductible transportation expenses: a.Do not include the normal costs of commuting. b.Do not include daily expenses for transportation between the taxpayer's home and temporary work locations if the taxpayer has a regular place of business. c.Include only costs incurred while away from home. d.Include meals and lodging. 2. Barry is a self-employed attorney who travels to New York on a business trip during 2021. Barry's expenses were as follows: Airfare $550 Taxis 40 Restaurant meals 150 Lodging 350 How much may Barry deduct as travel expenses for the trip? a.$0 b.$1,015 c.$940 d.$1,090 e.None of these choices are correct. 3. Which of the following is deductible as dues, subscriptions, or publications? a.Subscription to the "Journal of Taxation" for a tax attorney b.Dues to a health club for a doctor c.Dues to the drama club for a student d.Subscription to "Vogue" magazine for a corporate president e.None of these choices are correct.In which of the following cases would you have a present obligation You enrolled in school and were assessed tuition fee. However, because you qualified for a 100% scholarship, your school cancelled your tuition fee, including miscellaneous fees. Your school even committed on giving you monthly allowance. You intend to enrol in a school but you don’t have money for tuition fee. You enrolled in school and paid in full your tuition fee. Your father gave you money for tuition fee but you have not yet enrolled.
- A couple applied for a loan to finance the purchase of a new home. What federal act was created to ensure that they have knowledge of all closing costs? a. fair credit reporting act b. equal credit opportunity act c. uniform settlement act d. real estate settlement procedures actA lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If he accepts, which of the following will be TRUE? a. Because it is voluntary, it will not be an adverse item on the buyer's credit. b. The lender will take the title subject to any junior liens. c. The lender will usually retain his rights under mortgage insurance or VA guarantee. d. The loan will still be assumable.Determine what kind of defective contracts (A. Rescissible, B. Voidable, C. Unenforceable , D. Void or Inexistent) are the following: 1. Contract of sale of “shabu”. 2. Contract to manipulate the result of the election through hacking. 3. Contract of sale between husband and wife. 4. A simulated real estate mortgage. 5. A contract whereby X agreed to be the mistress of Y for P30,000.00 monthly allowance. 6. A contract whereby the debtor agreed to work for the creditor for free as long as the debtor has not paid his debt. 7. A lease contract where it is stipulated that the lessor can forcibly evict the lessee for non-payment of rent. 8. A contract of sale of the seller’s future inheritance from his parents. 9. A contract whose cause or object did not exist at the time of the transaction. 10. A contract of sale of a slightly used human brain. 11. A contract of barter or exchange of a human heart for a human liver. 12. A contract whereby the City of Baguio donated Bakakeng Road to…
- Micah asks his girlfriend Brandi if he can borrow her car. Brandi agrees to allow Micah to use her car for the day. Multiple Choice A leasehold has been created. An easement has been created. A fee simple defeasible has been created. A bailment has been created. If a transaction is unsecured what might a creditor request in exchange for offering a line of credit? Multiple Choice A recorded security A perfected security interest A legal guaranty A personal guaranty The court cannot force creditors to agree to a reorganization plan even if it is fair, equitable, and feasible. True FalseWhich statement about the education credit is true A- only four-year universities are elegible institutions for the lifetime credit B- An eligible individual for the lifetime learning credit cannot be enrolled part time C-An elegible individual for the American opportunity tax credit may have a felony drug conviction D-A portion of the American opportunity tax credit (AORC) is a refundable creditWhich of the following would you recommend to clients who want to increase the potential for their child to receive financial aid? a. Use excess liquid assets to pay off their home mortgage b. Shift income from the parent to the child attending college. c. Withdraw funds from retirement accounts to fund college education. d. Send the college student to a lower cost university.