The success of our REG Answers latest exam file cannot be separated from their painstaking efforts. Our company employs the first-rate expert team which is superior to others both at home and abroad. Our experts team includes the experts who develop and research the REG Answers cram materials for many years and enjoy the great fame among the industry, the senior lecturers who boost plenty of experiences in the information about the exam and published authors who have done a deep research of the REG Answers latest exam file and whose articles are highly authorized. Omgzlook is a website which is able to speed up your passing the AICPA certification REG Answers exams. Our AICPA certification REG Answers exam question bank is produced by Omgzlook's experts's continuously research of outline and previous exam. In order to meet the demands of all people, these excellent experts and professors from our company have been working day and night.
AICPA Certification REG So you can have wide choices.
AICPA Certification REG Answers - CPA Regulation With high quality training materials by Omgzlook provided, you will certainly pass the exam. We believe that our study materials will have the ability to help all people pass their Latest REG Study Questions Pdf exam and get the related exam in the near future. Our company have the higher class operation system than other companies, so we can assure you that you can start to prepare for the Latest REG Study Questions Pdf exam with our study materials in the shortest time.
Omgzlook's AICPA REG Answers exam training materials is a good training tool. It can help you pass the exam successfully. With this certification, you will get international recognition and acceptance.
Now, quickly download AICPA REG Answers free demo for try.
Being anxious for the REG Answers exam ahead of you? Have a look of our REG Answers training engine please. Presiding over the line of our practice materials over ten years, our experts are proficient as elites who made our REG Answers learning questions, and it is their job to officiate the routines of offering help for you. All points are predominantly related with the exam ahead of you. You will find the exam is a piece of cake with the help of our REG Answers study materials.
If the REG Answers exam is coming and the time is tense, it is better to choose our REG Answers test engine dumps. REG Answers test engine can simulate the actual test during the preparation and record the wrong questions for our reviewing.
REG PDF DEMO:
QUESTION NO: 1
Don Wolf became a general partner in Gata Associates on January 1, 1989, with a 5% interest in
Gata's
profits, losses, and capital. Gata is a distributor of auto parts. Wolf does not materially participate in the
partnership business. For the year ended December 31, 1989, Gata had an operating loss of
$100,000.
In addition, Gata earned interest of $20,000 on a temporary investment. Gata has kept the principal temporarily invested while awaiting delivery of equipment that is presently on order. The principal will be
used to pay for this equipment. Wolf's passive loss for 1989 is:
A. $0
B. $4,000
C. $5,000
D. $6,000
Answer: C
Explanation
Choice "c" is correct. Wolf's passive loss for 1989 is $5,000 ( $100,000 operating loss * 5% interest in partnership).
Choice "a" is incorrect. Wolf did not materially participate in the partnership, so the loss was passive.
Choice "b" is incorrect. Wolf's passive loss of $5,000 could not be reduced by his distributive share of the
partnership's "interest income" totaling $1,000. Interest income is considered "portfolio income," and
neither the partnership nor a partner can offset it against passive losses.
Choice "d" is incorrect. No items of income or deduction from portfolio income or activities in which the
taxpayer materially participates may be combined or offset with passive losses unless the activity generating the loss is completely disposed of in a taxable transaction.
QUESTION NO: 2
Tom and Joan Moore, both CPAs, filed a joint 1994 federal income tax return showing $70,000 in taxable
income. During 1994, Tom's daughter Laura, age 16, resided with Tom. Laura had no income of her own and was Tom's dependent.
Determine the amount of income or loss, if any that should be included on page one of the Moores'
1994 Form 1040.
The Moores received a $500 security deposit on their rental property in 1994. They are required to return the amount to the tenant.
A. $0
B. $500
C. $900
D. $1,000
E. $1,250
F. $1,300
G. $1,500
H. $2,000
I. $2,500
J. $3,000
K. $10,000
L. $25,000
M. $50,000
N. $55,000
O. $75,000
Answer: A
Explanation
"A" is correct. $0. The security deposit is not taxable income because the Moores are required to return it
when the tenant leaves. If the deposit is applied to damages in a later tax year, the portion the
Moores
retain would be income to them in the year they retain the deposit, and the money they spend to repair the
damage would be a deduction to them.
QUESTION NO: 3
For a cash basis taxpayer, gain or loss on a year-end sale of listed stock arises on the:
A. Trade date.
B. Settlement date.
C. Date of receipt of cash proceeds.
D. Date of delivery of stock certificate.
Answer: A
Explanation
Choice "a" is correct. Trade date.
Gain or loss on a year-end sale of listed stock arises on the trade date.
Rule: Whether on the cash or accrual method of accounting taxpayers who sell stock or securities on an
established securities market must recognize gains and losses on the trade date, rather than on the settlement date.
Choices "b", "c", and "d" are incorrect, per the above rule.
QUESTION NO: 4
Farr made a gift of stock to her child, Pat. At the date of gift, Farr's stock basis was $10,000 and the
stock's fair market value was $15,000. No gift taxes were paid. What is Pat's basis in the stock for computing gain?
A. $0
B. $5,000
C. $10,000
D. $15,000
Answer: C
Explanation
Choice "c" is correct. Property acquired as a gift generally retains the rollover cost basis as it had in the
hands of the donor at the time of the gift. Basis is increased by any gift tax paid that is attributable to the
net appreciation in the value of the gift. Since there were no gift taxes paid, Pat's basis for computing a
gain is the rollover cost (basis), $10,000.
Choices "a", "b", and "d" are incorrect, per the explanation above.
QUESTION NO: 5
Clark bought Series EE U.S. Savings Bonds after 1989. Redemption proceeds will be used for payment of
college tuition for Clark's dependent child. One of the conditions that must be met for tax exemption of
accumulated interest on these bonds is that the:
A. Purchaser of the bonds must be the sole owner of the bonds (or joint owner with his or her spouse).
B. Bonds must be bought by a parent (or both parents) and put in the name of the dependent child.
C. Bonds must be bought by the owner of the bonds before the owner reaches the age of 24.
D. Bonds must be transferred to the college for redemption by the college rather than by the owner of the
bonds.
Answer: A
Explanation
Choice "a" is correct. One of the conditions that must be met for tax exemption of accumulated interest on
the bonds is that the purchaser of the bonds must be the sole owner of the bonds (or joint owner with his
or her spouse).
Choice "b" is incorrect. The bonds must be bought and put in the name of the owner or co-owner, not in
the name of the dependent child.
Choice "c" is incorrect. The owner must be at least 24 years old before the bonds issue date.
Choice "d" is incorrect. There is no requirement that the bonds must be transferred to the college for redemption by the college rather than by the owner of the bonds.
And so many of our loyal customers have achieved their dreams with the help of our Huawei H23-211_V1.0 exam questions. Immediately after you have made a purchase for our SAP C-S4PPM-2021 practice dumps, you can download our SAP C-S4PPM-2021 study materials to make preparations. If you have bought the Microsoft MB-500 exam questions before, then you will know that we have free demos for you to download before your purchase. What are you waiting for? Come to buy our SAP C_THR83_2405 practice engine at a cheaper price! By concluding quintessential points into SAP C-THR95-2405 actual exam, you can pass the exam with the least time while huge progress.
Updated: May 26, 2022