All of the following are true of the HO-3 Special Form, EXCEPT: The HO-3 meets the property and liability coverage needs of most families. The HO-3 is designed for owners who occupy their dwelling or choose to rent it. The HO-3 can be modified for special needs through available endorsements. The HO-3 is typically used as a basis for understanding other HO coverage forms.

All of the following are true of the HO-3 Special Form, EXCEPT: The HO-3 meets the property and liability coverage needs of most families. The HO-3 is designed for owners who occupy their dwelling or choose to rent it. The HO-3 can be modified for special needs through available endorsements. The HO-3 is typically used as a basis for understanding other HO coverage forms.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter3: Business Income And Expenses

Section: Chapter Questions

Problem 14MCQ

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In choosing between taking the standard deduction and itemizing deductions from AGI, what effect, if any, does each of the following have? a. The age of the taxpayer(s). b. The health (i.e., physical condition) of the taxpayer. c. Whether taxpayers rent or own their residence. d. Taxpayers filing status (e.g., single, married, filing jointly). e. Whether married taxpayers decide to file separate returns. f. The taxpayers uninsured personal residence was recently destroyed by a wildfire (the region was declared a disaster area by the Federal government). g. The number of dependents the taxpayer can claim.
Which of the following is a requirement for a taxpayer who wishes to claim the special allowance for rental real estate? They must: (a) Actively participate in the rental real estate activity. (b) Materially participate in the rental real estate activity. (c) Personally participate in the rental real estate activity. (d) Significantly participate in the rental real estate activity.
In the context of home insurance coverage, it is correct to say that: * If damage from a fire or other event prevents the use of our home, the personal property coverage pays the cost of living in a temporary location while our home is being repaired. The main component of homeowner's insurance is protection against financial loss due to damage or destruction to a house or other structures. The additional living expenses coverage is related to the coverage of our household belongings, such as furnitire, appliances, and clothing. None of the other asnwers is correct.
Which of the following is not a goal of probate laws? Choose the correct.a. To gather and preserve all of the decedent’s property.b. To ensure that each individual produces a valid will.c. To discover the decedent’s intent for property held at death and then to follow those wishes.d. To carry out an orderly and fair settlement of all debts and distribution of property.
Which one of the following statements is correct with respect to the Building and Personal Property Coverage Form's (BPP) coverage for personal property of others? The BPP specifically excludes coverage for businesses (bailees) that have customers' property in their custody, such as laundries, dry cleaners, appliance repair shops, and furniture upholstery shops. Coverage protects the insured while the property is in or on the building described in the declarations or within 100 feet of either the building or structure, whichever is greater. The BPP covers personal property of others while it is located anywhere in the world. Coverage for personal property of others applies only if the insured is legally responsible for the damage.
Which of the following are covered by FICA (indicate Yes or No)? _____1. Andrian Mitchell, a full-time life insurance salesperson. _____2. John Sain, a federal government employee, hired in 1990. _____3. Bonnie Stone, a real estate agent. _____4. Stuart Schuck, who offers lawn care service to homeowners in the neighborhood.
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 act
Which statement describes a technique used to address the issue of ensuring the payment of adequate child support by a noncustodial parent when the parents of minor children are divorced? A) A provision in the noncustodial parent's will leaving property to the minor will solve this concern. B) To ensure that child support payments are continued if the noncustodial parent dies or becomes disabled before such payments are to cease, the parents must enter into a nuptial agreement. C) An irrevocable trust established and funded by the noncustodial parent to ensure payment of child support can be a valuable tool to protect such assets from the claims of future creditors of the noncustodial parent. D) Insurance on the life of the noncustodial parent must be owned by an irrevocable life insurance trust to prevent the noncustodial parent from changing the beneficiary.
Danny and Julie, a married couple, decided to sell their community property home in a community property state, and reinvest their sale proceeds in a new home in a common law state with only Julie's name on the title. Which statement below is correct? A) The new home will be considered community property, but only if Julie places Danny’s name on the title as tenancy by the entirety. B) The new home will be considered the separate property of Julie. C) The new home will be considered community property. D) Danny would have rights to only the sale proceeds from their prior home.
Determine the number of dependents in each of the following independent situations: (for example, 1, 2, 3, and so on). Determine whether the individuals will qualify as the taxpayer's dependent in each of the following independent scenarios. Specify whether the dependent would come under the qualifying child category, the qualifying relative category, or "not applicable" (if the individual does not qualify as a dependent). a. Andy maintains a household that includes a cousin (age 12), a niece (age 18), and a son (age 26). All are full-time students. Andy furnishes all of their support, and all are “members of the household.” Cousin Niece Son b. Mandeep provides all of the support of a family friend's son (age 20), who lives with her. She also furnishes most of the support of her stepmother, who does not live with her. Family friend's son Stepmother c. Raul, a U.S. citizen,…
When you purchase a(n) ________, you are obtaining an extension to a homeowner's insurance policy that provides coverage for all personal property regardless of where it is located. A) uninsured property addendum B) property addendum C) personal rider D) personal articles floater E) none of the above
Please address legislation passed that increased protection for homeowners from foreclosure or at least provided a number of additional requirements on the lender prior to foreclosure.

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		The HO-3 meets the property and liability coverage needs of most families.
		The HO-3 is designed for owners who occupy their dwelling or choose to rent it.
		The HO-3 can be modified for special needs through available endorsements.
		The HO-3 is typically used as a basis for understanding other HO coverage forms.