Pass the AAFM AAFM Certification CTEP Questions and answers with CertsForce

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Viewing questions 21-30 out of questions
Questions # 21:

Which of the above statement(s) is/are correct?

Question # 21

Options:

A.

(i) only


B.

(ii) only


C.

(i) and (ii) both are correct


D.

Both are incorrect


Expert Solution
Questions # 22:

In Singapore, If an individual does not agree with the assessment raised, he she have to lodge an objection in writing within ________from the date of issue of notice of assessment; otherwise the assessment will automatically become final. Singapore has entered into tax treaties with _____________.

Options:

A.

15 days; 52 countries


B.

15 days; 72 countries


C.

30 days; 52 countries


D.

30 days; 72 countries


Expert Solution
Questions # 23:

__________________ are sometimes confused with Balloon payment Mortgages.

Options:

A.

Adjustable Rate Mortgage


B.

Fixed Rate Mortgage


C.

Anomalous Mortgage


D.

Usufructuary Mortgage


Expert Solution
Questions # 24:

Which of the following income comes under “FDAP Income”?

Question # 24

Options:

A.

Both (i) and (ii)


B.

All except (iv)


C.

All except (iii)


D.

All of the above


Expert Solution
Questions # 25:

A non-resident in Singapore will be treated as a tax resident for a particular Year of Assessment if you are foreigner who stayed/worked in Singapore for _________or more in previous year (excludes director of a company)

Options:

A.

181 days


B.

182 days


C.

183 days


D.

191 days


Expert Solution
Questions # 26:

What is the full form of PET?

Options:

A.

Potential Exempt Transfer


B.

Potentially Exempt Transfers


C.

Potential Exemption Transfer


D.

Potentially Exempt Transfers


Expert Solution
Questions # 27:

If there default of distribution under the rules of Intestate Succession Act (Singapore) _______________ shall be entitled to whole of the estate.

Options:

A.

IRAS


B.

MAS


C.

ACRA


D.

None of the above


Expert Solution
Questions # 28:

According to HMRC, the number of families caught by Inheritance Taxes has _________________ over the last 10 years.

Options:

A.

Doubled


B.

Remained the same


C.

More than Doubled


D.

Tripled


Expert Solution
Questions # 29:

The threshold amount for tax on Net Investment Income is __________in the case of a joint return or surviving spouse, _________in the case of a married individual filing a separate return.

Options:

A.

$250,000; $125,000


B.

$125,000; $250,000


C.

$350,000; $175,000


D.

$175,000; $350,000


Expert Solution
Questions # 30:

What is the full form of CLT?

Options:

A.

Charitable Life Transfer


B.

Calculated Lending Time


C.

Charity Lead Time


D.

Chargeable Lifetime Transfer


Expert Solution
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