Solomon Live Web Classes Coming Soon….

Solomon Exam Prep’s Live Web Classes give you the opportunity to learn from and interact with an instructor in real time, from the comfort of your own home or office. Our instructors are experts and focus their classes on the aspects that will be most valuable in helping you pass your exam.

Classes are taken online via computer, tablet or smart phone. Internet access is required. The sessions are recorded and made available for later viewing if your schedule prevents you from attending all of the sessions.

Classes coming up in March and April:
Series 7 Top-Off: March 28th & 29th, 10:30 am – 3 pm ET
Series 24: March 30th – April 3rd, 2:30 – 4:30 ET
Series 63: April 2nd, 2 – 3:30 pm ET & April 3rd, 12:00 – 3:30 pm ET
Series 65: March 30th – April 3rd, 12:00 – 3:30 pm ET
Series 66: March 30th – April 3rd, 12:00 – 3:30 pm ET

April Study Question of the Month

Submit your answer to info@solomonexamprep.com to be entered to win a $20 Starbucks gift card. Continue reading

Submit your answer to info@solomonexamprep.com to be entered to win a $20 Starbucks gift card.

Question

 

 

 

 

 

 

When inherited, the basis of a depreciated asset is?
 
A. Stepped up
B. Stepped down
C. Carried over
D. Carried under
 
Answer: B. Typically, when an asset is inherited, the value of the asset has increased since it was purchased and the heir gets to “step up” (raise) the basis of the inherited property to the fair market value at the date of death. So, for example, if Grandpa bought shares of XYZ  for $1,000 in the previous century, and the shares are worth $1 million on the date of Grandpa’s death, the basis for tax purposes is stepped up to $1 million to the lucky recipient. This means that capital gain escapes any federal taxation. 
The basis “step-up” rule can become a “step-down” rule as well. So if an asset’s value has declined and someone inherits the asset, for the sake of taxes, the basis of the asset is stepped down (lowered) to the fair market value on the date of the owner’s death. This loss of basis can be avoided by the owner selling any depreciated property before death, so he or she can reap the tax losses.

Study for the Series 7 Exam with Solomon — while doing push-ups!

Studies show that doing push-ups lowers your risk of cardiovascular disease.  But what if you’re studying for your Series 7 Top-Off exam?  Continue reading

Studies show that doing push-ups lowers your risk of cardiovascular disease.  But what if you’re studying for your Series 7 Top-Off exam?  How do you do both?  Solomon Exam Prep to the rescue — with the Solomon Exam Prep Audio Series 7 Top-Off guide!

Solomon Exam Prep Audio Guides + Push-ups = higher pass rates and lower cardiovascular disease

Join the thousands of securities professionals who have used Solomon Exam Prep to pass a FINRA, NASAA or MSRB securities licensing exam including the Series 3, 6, 7, 24, 26, 27, 28, 50, 51, 52, 53, 63, 65, 66, 79, 82, 99, and the new SIE exam.

https://solomonexamprep.com/series701/audiobook

January Study Question of the Month

Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card. Continue reading

Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card.

Question

Relevant to the Series 7.

 

 

 

 

 

Cassie gives her nephew Frank 10 shares of Hathshire Berkaway as a college graduation present. Cassie purchased the shares five years ago at $1,000, and their fair market value is $1,500 at the time of the gift. Frank holds the shares for one year, then sells them at $2,000. What is Frank’s cost basis and holding period?
 
A. $10,000; one year
B. $10,000; six years
C. $15,000; one year
D. $15,000; six years
 
Answer: B. When someone gives securities as a gift to another individual, the recipient’s cost basis is the lower of (1) the giver’s cost basis or (2) the fair market value at the time of the gift. So Frank’s cost basis is Cassie’s purchase price of $10,000 ($1,000 x 10 shares). The giver’s holding period will correspond to cost basis. So Frank’s holding period starts from the date of Cassie’s purchase, six years before Frank sells the shares.

Height of Federal Reserve Chairperson an Economic Indicator?

Anyone studying for the FINRA Securities Industry Essentials (SIE) exam or the Series 65 Investment Adviser exam must learn about economic indicators such as interest rates (leading), inflation (lagging) and GDP (coincident). Continue reading

Anyone studying for the FINRA Securities Industry Essentials (SIE) exam or the Series 65 Investment Adviser exam must learn about economic indicators such as interest rates (leading), inflation (lagging) and GDP (coincident). Observers have noted that interest rates under tall Federal Reserve chairpersons, such as Paul Volcker (6’7”), have been higher than under short chairpersons, such as Janet Yellen (5’3”). According to the Washington Post, Yellen lost her job to the taller Jerome Powell because President Trump did not think the diminutive Yellen was tall enough for the job. Solomon Exam Prep has helped thousands of people of all heights pass securities licensing exams including the Series 3, 6, 7, 24, 26, 27, 28, 50, 51, 52, 53, 63, 65, 66, 79, 82, 99 and SIE exams. finra , securities, SIEexam, Series65,Series7, interestrates