1. The effective date of exempt status is the legal date of formation if the organization files Form 1023 within ___ months after the end of the month in which it was legally formed.
2. You deposit $100,000 cash in a brokerage account and short sell $180,000 of stocks. Later, the value of the stocks held short rises to $270,000, where upon you get nervous and close your account. What is the percentage return on your investment?
3. You decide to buy 400 shares of stock at a price of $48 and an initial margin of 50 percent. What is the maximum percentage decline in the stock before you will receive a margin call if the maintenance margin is 28 percent?