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Series 7 Exam For Dummies, Premier Edition with CD, 2nd Edition by Steven M. Rice

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Chapter 15

Making Sure the IRS Gets Its Share

In This Chapter

arrow Outlining the breakdown of taxes and income

arrow Seeing how the IRS taxes securities

arrow Checking taxes on gifts and inheritances

arrow Comparing the different types of retirement plans

arrow Reviewing additional topics tested

Yes, it’s true what they say: The only sure things in life are death and taxes. Although taxes are an annoying necessity, investors do get tax breaks if they invest in securities for a long period of time, and you need a good understanding of the tax discounts investors receive. Additionally, the Series 7 exam tests your ability to recognize the different types of retirement plans, the specifics about each one, and the tax advantages.

In this chapter, I cover tax categories and rules, from distinguishing between types of taxes to calculating capital gains for securities received as gifts. And although enjoying retirement isn’t quite as certain as pushing up daisies, I explain Uncle Sam’s claim on the cash investors put ...

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