PART 1

1. Discuss how "psychic income" concerns may play a role in an investor desiring to invest in real estate

2. Identify typical expenses that an investment property owner can deduct for income tax purposes, and contrast them with activity that must be "capitalized"

3. Describe the tax implications of IRC Section 483 on a seller of real estate

4. Explain some benefits resulting from the real estate ownership in corporate form

PART 2

1. Distinguish between "straight" and "modified" pass-through certificates

2. List the three elements of a monthly distribution that an investor in a mortgage-backed security receives

3. Discuss the risk vs. return tradeoff when investing in mortgage-backed securities

4. Describe the consequences of one or more mortgages in an underlying pool of mortgages going into default

PART 3

1. Briefly discuss why an investor desiring a passive role in nonfinancial asset investing might be interested in an oil and gas reserves operation.

2. Explain the difference between "percentage depletion" and "cost depletion."

3. List some of the alternatives available to risk-seeking investors who are NOT interested in oil and gas tax shelters