IRC Sections

Question 1

All of the following are requirements of a valid disclaimer under IRC Sec 2518 EXCEPT:

a. Naming the successor beneficiary to receive the disclaimed assets.
b. Delivering the disclaimer within 9 months following the IRA holder’s death.
c. Providing the disclaimer in writing.
d. Delivering the disclaimer before taking a distribution of the disclaimed assets.

Answer 1

a. Naming the successor beneficiary to receive the disclaimed assets.

Question 2

Where is the statutory authority for deducting Traditional IRA contributions, and also describes the contribution limits for annual Traditional & Roth IRAs?

a. IRC section 219
b. IRC section 401
c. IRC section 408a
d. IRC section 4975

Answer 2

A. IRC section 219

Question 3

Which Internal Revenue Code contains the authority for the establishment of & details the rules specific to a Traditional IRA?

a. 408(a)
b. 408(b)
c. 408(A)
d. 408

Answer 3

a. 408(a)

Question 4

In which IRC can Traditional IR Annuities be found?

a. 408(a)
b. 408(b)
c. 408(A)
d. 403(b)

Answer 4

b. 408(b)
* 408 Covers IRAs in general. 403(b) is a type of IRA.

Question 5

Which Internal Revenue Code contains the authority for the establishment of & details the rules specific to a Roth IRA?

a. 408(a)
b. 408(b)
c. 408(A)
d. 408(B)

Answer 5

c. 408(A)

Question 6

What section of the IRC covers qualified disclaimers?

a. IRC 2518
b. IRC 219
c. IRC 408(q)
d. IRC 3405

Answer 6

a. IRC 2518

Question 7

What section of the IRC covers Prohibited transactions?

a. IRC 401
b. IRC 3405
c. IRC 6693
d. IRC 4975

Answer 7

d. IRC 4975

Question 8

What section of the IRC covers the taxability of retirement plan distributions?

a. 72(a)
b. 72(t)
c. 219
d. 1441

Answer 8

a. 72(a)

Question 9

What section of the IRC covers the excise tax (penalty) exemptions?

a. 72(a)
b. 72(t)
c. 2518
d. 7508

Answer 9

b. 72(t)

Question 10

What section of the IRC covers Qualified Retirement Plans?

a. 401(a)(9)
b. 401(k)
c. 401(e)(2)(b)
d. 401(a)

Answer 10

d. 401(a)

Question 11

What section of the IRC covers RMDs & beneficiary distribution options?

a. 401(a)(9)
b. 401(k)
c. 401(e)(2)(b)
d. 401(a)

Answer 11

a. 401(a)(9)

Question 12

What section of the IRC covers QRP rollover to IRA rules?

a. 401(e)(2)(b)
b. 402(a)
c. 403(a)
d. 402

Answer 12

d. 402

Question 13

What section of the IRC covers Qualified Annuities?

a. 403(a)
b. 403(b)
c. 457(a)
d. 457(b)

Answer 13

a. 403(a)

Question 14

What section of the IRC covers Tax Deferred/ Tax Sheltered Annuities?

a. 403(a)
b. 403(b)
c. 457(a)
d. 457(b)

Answer 14

b. 403(b)

Question 15

What section of the IRC covers IRA Distributions (60-day R/O, 1 R/O per 12-month rule, Divorce)?

a. 408(b)
b. 408(c)
c. 408(d)
d. 408(e)

Answer 15

c. 408(d)

Question 16

What section of the IRC covers the tax treatment of accounts & annuities (pledging & borrowing)?

a. 408(b)
b. 408(c)
c. 408(d)
d. 408(e)

Answer 16

d. 408(e)

Question 17

What section of the IRC covers the tax treatment of IRAs engaging in prohibited transactions?

a. 557
b. 408(e)(2)(b)
c. 6693
d. 408(p)

Answer 17

b. 408(e)(2)(b)

Question 18

What section of the IRC covers Simplified Employee Pension (SEP) plans?

a. 408(SEP)
b. 408(J)
c. 408(k)
d. 408(PEN)

Answer 18

c. 408(k)

Question 19

What section of the IRC covers investments in collectibles treated as a distribution?

a. 408(c)
b. 408(d)
c. 408(l)
d. 408(m)

Answer 19

d. 408(m)

Question 20

What section of the IRC covers SIMPLE IRAs?

a. 408(p)
b. 408(s)
c. 408(d)
d. 408(a)(s)

Answer 20

a. 408(p)

Question 21

What section of the IRC covers governmental deferred compensation plans?

a. 457(b)
b. 457(g)
c. 403(b)
d. 403(g)

Answer 21

a. 457(b)

Question 22

What section of the IRC covers non-resident alien withholding?

a. 3405
b. 7508
c. 7508A
d. 1441

Answer 22

d. 1441

Question 23

What section of the IRC covers the Excess Contribution Penalty?

a. 4972
b. 4973
c. 4974
d. 4975

Answer 23

b. 4973

Question 24

What section of the IRC covers the Excess Accumulation Penalty?

a. 4972
b. 4973
c. 4974
d. 4975

Answer 24

c. 4974

Question 25

What section of the IRC covers Prohibited Transactions? a. 4972 b. 4975 c. 408(p) d. 408(t)

Answer 25

b. 4975

Question 26

What section of the IRC covers withholding from IRAs? a. 3405 b. W4-P c. 219 d. 945

Answer 26

a. 3405

Question 27

What section of the IRC covers failing to provide reports on certain tax-favored accounts or annuities, and penalties relating to designated nondeductible contributions? a. 7508 b. 7508A c. 6693 d. 6693A

Answer 27

c. 6693

Question 28

What section of the IRC covers failing to keep records necessary to meet reporting requirements? a. 6703 b. 6704 c. 6721 d. 6722

Answer 28

b. 6704

Question 29

What section of the IRC covers failing to correct information on returns? a. 6703 b. 6704 c. 6721 d. 6722

Answer 29

c. 6721

Question 30

What section of the IRC covers the deadline of the tax filing act when the deadline falls on a weekend or a holiday? a. 7503 b. 7503(d) c. 7508 d. 7508(d)

Answer 30

a. 7503

Question 31

What section of the IRC covers the postponement of deadlines due to service in a combat zone? a. 7503 b. 7503A c. 7508 d. 7508A

Answer 31

c. 7508

Question 32

What section of the IRC covers the postponement of deadlines due to presidentially declared areas? a. 7503 b. 7503A c. 7508 d. 7508A

Answer 32

d. 7508A

Question 33

Per IRC 4975, a disqualified person includes all of the following EXCEPT the IRA owner's: a. Siblings b. Souse c. Children d. Parent

Answer 33

a. Siblings

Question 34

Which IRC section explains the 10% early distribution penalty tax & the various exceptions to this tax? a. IRC Sec 72(t) b. IRC Sec 219 c. IRC Sec 402 d. IRC Sec 408

Answer 34

a. IRC Sec 72(t)

Question 35

Which IRC section outlines the general rules applying to IRAs? a. IRC Sec 401(a)(9) b. IRC Sec 402 c. IRC Sec 408 d. IRC Sec 408A

Answer 35

c. IRC Sec 408