Our APP online version of REG Download exam questions has the advantage of supporting all electronic equipment. You just need to download the online version of our REG Download preparation dumps, and you can use our REG Download study quiz by any electronic equipment. We can promise that the online version will not let you down. Our PDF version can be printed and you can take notes as you like. We know that every user has their favorite. Please give us a chance to service you; you will be satisfied with our training prep.
AICPA Certification REG So our product is a good choice for you.
During your practice process, the REG - CPA Regulation Download test questions would be absorbed, which is time-saving and high-efficient. Under the help of our Valid REG Test Camp Sheet exam questions, the pass rate among our customers has reached as high as 98% to 100%. We are look forward to become your learning partner in the near future.
As an electronic product, our REG Download real study dumps have the distinct advantage of fast delivery. Once our customers pay successfully, we will check about your email address and other information to avoid any error, and send you the REG Download prep guide in 5-10 minutes, so you can get our REG Download exam questions at first time. And then you can start your study after downloading the REG Download exam questions in the email attachments.
AICPA REG Download - Good chances are few.
Our PDF version of REG Download training materials is legible to read and remember, and support printing request. Software version of REG Download practice materials supports simulation test system, and give times of setup has no restriction. Remember this version support Windows system users only. App online version of REG Download exam questions is suitable to all kinds of equipment or digital devices and supportive to offline exercise on the condition that you practice it without mobile data.
Whenever it is possible, you can begin your study as long as there has a computer. In addition, all installed REG Download study tool can be used normally.
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
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: 3
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: 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.
Get the test Google Professional-Cloud-Architect certification is not achieved overnight, we need to invest a lot of time and energy to review, and the review process is less a week or two, more than a month or two, or even half a year, so Google Professional-Cloud-Architect exam questions are one of the biggest advantage is that it is the most effective tools for saving time for users. Please believe that Microsoft MB-230 learning materials will be your strongest backing from the time you buy our Microsoft MB-230 practice braindumps to the day you pass the exam. Fortinet FCSS_SASE_AD-23 - Our test prep can help you to conquer all difficulties you may encounter. With the help of our Nutanix NCP-CI-AWS exam questions, your review process will no longer be full of pressure and anxiety. When you send us a message, we will reply immediately and we will never waste your precious time on studying our Microsoft MB-310 practice quiz.
Updated: May 26, 2022