By passing the exams multiple times on practice test software, you will be able to pass the real REG Dumps test in the first attempt. With our REG Dumps practice test software, you can simply assess yourself by going through the REG Dumps practice tests. We highly recommend going through the REG Dumps answers multiple times so you can assess your preparation for the REG Dumps exam. You will get the most valid and best useful REG Dumps study material with a reasonable price. Besides, you will enjoy the money refund policy in case of failure. So you can relay on us to success and we won't let you down!
AICPA Certification REG There is no doubt that you can get a great grade.
You can also try the simulated exam environment with REG - CPA Regulation Dumps software on PC. So we have adamant attitude to offer help rather than perfunctory attitude. All REG Clear Exam test prep is made without levity and the passing rate has up to 98 to 100 percent now.
Not only we provide the most valued REG Dumps study materials, but also we offer trustable and sincere after-sales services. As we all know, it’s hard to delight every customer. But we have successfully done that.
AICPA REG Dumps - It is very easy and convenient to use and find.
As the employment situation becoming more and more rigorous, it’s necessary for people to acquire more REG Dumps skills and knowledge when they are looking for a job. Enterprises and institutions often raise high acquirement for massive candidates, and aim to get the best quality talents. Thus a high-quality REG Dumps certification will be an outstanding advantage, especially for the employees, which may double your salary, get you a promotion. So choose us, choose a brighter future.
Our experts are constantly looking for creative way to immortalize our REG Dumps actual exam in this line. Their masterpieces are instrumental to offer help and improve your performance in the real exam.
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.
OMSB OMSB_OEN - There is an old saying goes, good memory is inferior to sodden ability to write, so we believe that it is a highly productive way for you to memory the knowledge point and review the reference books more effectively. HP HPE7-A01 exam questions can fuel your speed and help you achieve your dream. To keep with such an era, when new knowledge is emerging, you need to pursue latest news and grasp the direction of entire development tendency, our MuleSoft MCPA-Level-1 training questions have been constantly improving our performance and updating the exam bank to meet the conditional changes. You may worry there is little time for you to learn the SAP C_IEE2E_2404 study tool and prepare the exam because you have spent your main time and energy on your most important thing such as the job and the learning and can’t spare too much time to learn. So if you are in a dark space, our CompTIA SY0-701 exam questions can inspire you make great improvements.
Updated: May 26, 2022