Author: Anonymous

For a self-employed person using the car for business purposes, interest on a car loan is tax deductible to the extent that the vehicle was used in company business.

Salary reduction elections must be made by employees during a _____ period prior to January 1 of the year for which the elections are made.

Which of the following is not true about a SIMPLE IRA?

A life insurance contract can be used as a “golden handcuffs” offer to an executive.

A “fiduciary” typically includes which of the following?

Walter Graves, owner of Graves Excavating wants to deposit employer stock in a qualified individual account plan. The stock is not publicly traded. Which of the following is (are) true for Walter?

The death benefits of key employee life insurance are payable to the employer.

A life insurance contract can be used as a “golden handcuffs” offer to an executive.

Beason Manufacturing loans executive Tom Rice $35,000, interest-free, payable in 7 years. The present value of the loan is $25,000. Which of the following is true?

Tandy is a self-employed owner of Candle Creations. She has a Keogh plan that provides incidental insurance through a cash value life insurance contract. This year, her premium is $1,400, of which $800 is for pure life insurance protection and the rest is used to increase the cash value. Tandy