FINRA SIE — Fundamentos de la Industria de Valores — Todas las Preguntas

An individual filing a single return has $20,000 of capital losses and $5,000 of capital gains for the year, with no other capital items. How much of the net capital loss can she deduct against ordinary income this year?

• a.$15,000, because net capital losses are fully deductible
• b.$1,500, with the remaining $13,500 carried forward
• c.$3,000, with the remaining $12,000 carried forward✓
• d.$0, because capital losses can offset only capital gains

Capital losses offset capital gains, and an excess of net loss over gains may be deducted against other income up to $3,000 a year ($1,500 for a married individual filing separately). Here the net loss is $15,000, so $3,000 is deducted this year and $12,000 carries forward to later years.26 U.S.C. 1211(b)

Which of the following contracts is excluded from the standard one-business-day settlement requirement of SEC Rule 15c6-1?

• a.A purchase of 200 shares of a listed common stock for a retail customer
• b.A purchase of a limited partnership interest that is not listed on an exchange or quoted on an automated quotation system✓
• c.A sale of a corporate bond to an institutional customer through a dealer
• d.A purchase of a U.S. Treasury security from a dealer

Rule 15c6-1(b)(1) exempts contracts for limited partnership interests that are neither listed on an exchange nor quoted on an automated quotation system of a registered securities association, along with security-based swaps and anything the SEC exempts by order. Listed stocks and ordinary bonds fall under the standard cycle.17 CFR 240.15c6-1(b)(1)

A customer is short a corporate bond with a $50,000 principal amount and a current market value of $40,000. Under FINRA Rule 4210, what is the minimum maintenance margin?

• a.$12,000, which is 30% of the current market value and exceeds 5% of principal✓
• b.$2,500, which is 5% of the principal amount and is the only test the rule applies to a short bond
• c.$15,000, which is 30% of the principal amount rather than 30% of the current market value
• d.$40,000, which is 100% of the current market value, the standard used for short stock above $5

For a bond sold short, Rule 4210 requires the greater of 5 percent of the principal amount or 30 percent of the current market value. Five percent of $50,000 is $2,500, but 30 percent of the $40,000 market value is $12,000, which is greater. The test uses market value, not principal, for the 30 percent leg.FINRA Rule 4210(c)(2)(D)

Under Regulation NMS, the size of a round lot depends on the stock's price. For an NMS stock whose average closing price during the evaluation period was $600 per share, a round lot is how many shares?

• a.40 shares✓
• b.100 shares
• c.10 shares
• d.1 share

Regulation NMS defines the round lot in tiers: 100 shares at $250.00 or less, 40 shares from $250.01 to $1,000.00, 10 shares from $1,000.01 to $10,000.00, and 1 share above $10,000.00. A $600 stock falls in the second tier, so 40 shares make a round lot.17 CFR 242.600(b)(93)

Marisol separates from service with her employer during the calendar year she turns 56. She wants to take penalty-free withdrawals right away. Which account can she use under the separation-from-service exception to the 10% additional tax?

• a.A traditional IRA into which she has already rolled that 401(k) balance
• b.The balance she leaves in her former employer's 401(k) plan✓
• c.Either the 401(k) or an IRA, because the exception turns on her age alone
• d.Neither account, because the exception requires her to reach age 59 1/2 first

The IRS list of exceptions to the 10% additional tax allows distributions from a qualified plan such as a 401(k) when the employee separates from service during or after the year she reaches age 55. The same exception is not available for IRAs, so rolling the money out first would forfeit it. Age 59 1/2 is the general threshold that this exception makes unnecessary.IRC 72(t)(2)(A)(v)