A tax-free rollover of assets between qualified retirement plans for the benefit of a specific individual is permitted so long as it is accomplished within:
Answer(s): B
60 days. ERISA permits 60 days for rollovers.
Bubba has several accounts at a brokerage firm. Which of the following is not covered by SIPC?
commodities account in Bubba’s name only. SIPC does not cover commodities accounts.
What is the maximum amount of gift to customers or other individuals related to the securities business that a registered representative is permitted to give?
Answer(s): C
$100. This is the maximum per FINRA rules.
A tax shelter specifically designed for small employers is:
a SIMPLE. IRAs are for any individuals, not just small employers. The other choices do not exist.
Bubba Corporation has a profit sharing plan. The company president, Bubba, is receiving the maximum plan contribution amount. The corporation has one other employee, who is eligible for the plan.If this person earns $12,000 per year, how much must be deposited in the plan for the employee?
$3,000. The maximum contribution is 25% of compensation. That percentage of $12,000 is $3,000.
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