AFIP CERT Q’S (IRS/FINCEN FORM 8300 CASH REPORTING RULE)-COMPLETE!!

AFIP CERT Q’S (IRS/FINCEN FORM 8300 CASH
REPORTING RULE)-COMPLETE!!


Terms in this set (25)


Wire transfer constitutes cash B. False
for Form 8300 reporting.


A. True
B. False

,If in the course of paying for a A. File a form because it's a suspicious transaction
vehicle, a customer gives a
dealership seven cashier's
checks, each with a face
amount of less than $10,000,
but the
total amount paid is greater than
$10,000, what should the
dealership do?


A. File a form because it's
a suspicious transaction
B.File a form because it's
a cease and desist
C. File the form because it's
a related transaction (24
hours)
D.Do not file the form because
it's a suspicious transaction
E.A, B and C
F.None of the above

, A credit-challenged customer C. The dealership must file the Form 8300 if the someone at the
paid $15,000 cash down for a dealership was in receipt of the cash exceeding the filing
vehicle with the $27,000 balance requirement.
to be financed. However, no
credit source would accept
the deal, even with the large
downpayment, and the
transaction was terminated. In
this case, _______


A. The IRS does not regulate
unwound deals -
dealership policy will
dictate how the
situation will be handled
B. The dealership need
not file the Form 8300
C. The dealership must file the
Form 8300 if the someone at
the dealership was in receipt
of the cash exceeding the
filing
requirement.