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Free CRCM Exam Braindumps (page: 165)

Page 165 of 344
PDF with 463 Questions

First National Bank advises Country A, a boycotting country, on various U.S. investments. Country A instructs First National Bank not to recommend for investment any shares of certain blacklisted companies. First National Bank follows this instruction. Has First National Bank participated or cooperated in an international boycott under the IRS regulations by this action?

  1. Yes. The companies are the subject of a boycott.
  2. No. The bank may agree not to recommend certain companies.
  3. Yes, if the companies are part of a boycott.
  4. No, but the bank must report this action to the IRS.

Answer(s): B



First National Bank advises Country A, a boycotting country, on various U.S. investments. Country A instructs First National Bank not to recommend for investment any shares of certain blacklisted companies. First National Bank follows this instruction. Has First National Bank participated or cooperated in an international boycott under the IRS regulations by this action?

  1. Yes. The companies are the subject of a boycott.
  2. No. The bank may agree not to recommend certain companies.
  3. Yes, if the companies are part of a boycott.
  4. No, but the bank must report this action to the IRS.

Answer(s): B



ABC Co. signed a contract to export goods to Country M, a boycotting country. Payment will be made by a letter of credit confirmed by First National Bank. The letter of credit requires ABC Co. to certify that none of its directors are nationals of any country boycotted by Country M before ABC can be paiD. First National Bank confirms the letter of credit to ABC after determining that all of the documents are in order. Did First National Bank participate in a boycott, and must the bank report the action to the IRS?

  1. No. The bank's action was only ministerial.
  2. Yes. The action was participation in a boycott and the bank must report the action to the IRS.
  3. No. Only ABC Co. is required to report to the IRS.
  4. Yes, but no reporting requirements were triggere

Answer(s): B



ABC Co. signed a contract to export goods to Country M, a boycotting country. Payment will be made by a letter of credit confirmed by First National Bank. The letter of credit requires ABC Co. to certify that none of its directors are nationals of any country boycotted by Country M before ABC can be paiD. First National Bank confirms the letter of credit to ABC after determining that all of the documents are in order. Did First National Bank participate in a boycott, and must the bank report the action to the IRS?

  1. No. The bank's action was only ministerial.
  2. Yes. The action was participation in a boycott and the bank must report the action to the IRS.
  3. No. Only ABC Co. is required to report to the IRS.
  4. Yes, but no reporting requirements were triggere

Answer(s): B



Page 165 of 344



Post your Comments and Discuss Banking CRCM exam with other Community members:

LeAnne Hair commented on August 24, 2023
#229 in incorrect - all the customers require an annual review
UNITED STATES
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LeAnne Hair commented on August 24, 2023
#229 in incorrect - all the customers require an annual review
UNITED STATES
upvote

LeAnne Hair commented on August 24, 2023
I think question 204 has an incorrect solution. It should be D-Regulation E
UNITED STATES
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Igor commented on April 10, 2020
Guys, leave no stones unturned. Try to study every questions and anything other supplementary material you have. The exam is not easy. I just wrote mine and if it wss not for these questions I would have not have passed it.
BULGARIA
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Lori commented on July 20, 2017
I had a good result. Worth the money.
UNITED STATES
upvote

Chipps commented on July 20, 2017
Studying from this dump helped me understand the concept and what comes in the exam. But I only get about 80 to 85% of the questions not 100% as it is claimed. Well... still good enough to pass.
UNITED STATES
upvote