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LLQP Exam Dumps : Life License Qualification Program (LLQP)

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Life License Qualification Program (LLQP) Questions and Answers

Question 1

Seven years ago, Amber invested $150,000 in a non-registered equity segregated fund. Her investment grew, and today, the market value of her fund is $165,000. She places an order to redeem her fund and she wants to know how her investment will be taxed.

Options:

A.

The $15,000 of capital gains will receive preferential tax treatment.

B.

The $15,000 of capital gains will be 100% taxable.

C.

The entire $165,000 will be taxed as income.

D.

The investment will not be taxed.

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Question 2

Alana, Meaghan, and Beatrice are equal shareholders of Advanced Tech Inc. They each own 100 shares of the company. Each share is currently worth $5,000. They recently signed a cross-purchase buy-sell agreement that is funded by life insurance. What will happen under this agreement if Alanadies today?

Options:

A.

Meaghan and Beatrice would each still own 100 shares of the company.

B.

There would now be 200 outstanding shares of the company.

C.

Each share would now be worth $7,500.

D.

Alana’s estate would receive a total of $500,000.

Question 3

Brian is a machinist. For the past seven years, he’s worked for a company that offers a group benefits plan. Under that plan, the premiums for long-term disability coverage are entirely paid by the employees. Last year, an injury forced Brian to stop working for eight months. After a four-month waiting period, during which he collected Employment Insurance (EI) benefits, Brian received long-term disability (LTD) benefits from the group plan’s insurer. Brian is now preparing his income tax return and wonders about the tax implications of the different benefits he received while on disability. What statement accurately describes the tax treatment of Brian’s EI and LTD benefits?

Options:

A.

Both the EI benefits and LTD benefits are taxable income.

B.

The EI benefits are taxable income, the LTD benefits are tax-free.

C.

The EI benefits are tax-free, the LTD benefits are taxable income.

D.

Both the EI benefits and LTD benefits are tax-free.