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HCCP EXAM
WITH CORRECT SOLUTIONS.
Units that support tax credits meet the following requirements - correct answer- I- income limits R- rent limits S- safe and sanitary
General Partner - correct answer- An owner (partner) who has unlimited liability and is active in managing the firm.
Limited Partnership (LP) - correct answer- A partnership in which one or more partners have limited liability as long as at least one partner (the general partner) has unlimited liability.The limited partners are passive investors that cannot take an active role in the firm's management.
syndicator - correct answer- Facilitate the GP and LP relationship. Syndicator combine multiple projects into a single fund, and then offer shares in the fund to individual investors
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State HFAs are often called - correct answer- State agencies or state allocating agencies
State HFA's are used by the IRS to carry out two primary functions - correct answer- The allocation of credits and compliance monitoring
The ceiling on the amount that can be allocated is - correct answer- Adjusted for inflation each year and is based on a states population
Allocation rules are spelled out in a - correct answer- Qualified allocation plan (QAP)
Applications are scored according to the - correct answer- QAP, and credits are awarded accordingly
A notable exception is reporting of non compliance to the IRS - correct answer- Using form 8823
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