Under Rule 505, Form of Organization and Name, a CPA

question 17

True/False

Under Rule 505, Form of Organization and Name, a CPA firm may not designate itself as "Members of the American Institute of Certified Public Accountants" unless a majority of its owners are members of the Institute.

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Definitions:

American Opportunity Tax

An educational credit for sanctioned expenses related to an eligible student’s initial four years at a higher education institution.

Lifetime Learning Credits

A tax credit available to individuals who pay qualified tuition and related expenses, aimed to encourage lifelong learning and skill development.

Earned Income Credit

A refundable tax credit for low- to moderate-income working individuals and families.

Lifetime Learning Credit

A tax credit available for qualifying tuition and related expenses paid for higher education courses, aimed at promoting lifelong learning.