Financial Planning Flashcards

Which IRS form, filed by tax-exempt organizations, is publicly available and shows officer compensation?

Answer: Form 990

Form 990 is a public return for exempt organizations and discloses key employee and officer compensation.

A subject transferred real estate to a relative for $10 shortly before a judgment. What doctrine may let a creditor undo the transfer?

Answer: Fraudulent (voidable) transfer

Under the Uniform Voidable Transactions Act, transfers made to hinder creditors or without reasonably equivalent value can be set aside.

Which record is the BEST starting point for finding real property owned by a subject in a specific county?

Answer: County recorder or assessor records

County recorder and assessor offices keep deeds, mortgages, and tax assessments for real property.

In budgeting a complex asset investigation, which cost is MOST commonly billed to the client as a reimbursable expense rather than labor?

Answer: Court record copy and database search fees

Out-of-pocket costs such as record copies and database fees are usually billed as reimbursable expenses, separate from hourly labor.

What does a lis pendens recorded against a property indicate?

Answer: Pending litigation affects title to the property

A lis pendens gives public notice that a lawsuit involving title to or an interest in the property is pending.

Which SEC database provides free access to public company filings such as 10-Ks and insider ownership reports?

Answer: EDGAR

The SEC's EDGAR system hosts public company filings, including annual reports and Forms 3, 4, and 5 on insider holdings.

To check a stockbroker's employment history and disciplinary record, an investigator should use:

Answer: BrokerCheck

FINRA BrokerCheck gives registration, employment history, and disclosure events for brokers and firms.