Each IT certification exam candidate know this certification related to the major shift in their lives. Certification exam training materials Omgzlook provided with ultra-low price and high quality immersive questions and answersdedication to the majority of candidates. Our products have a cost-effective, and provide one year free update. All knowledge is based on the real exam by the help of experts. By compiling the most important points of questions into our REG Dumps.Zip guide prep our experts also amplify some difficult and important points. These issues are perfect, Which can help you to be successful in the AICPA REG Dumps.Zip exam.
AICPA Certification REG It will not cause you any trouble.
There are many reasons why we are be trusted: 24-hour online customer service, the free experienced demo for REG - CPA Regulation Dumps.Zip exam materials, diversity versions, one-year free update service after purchase, and the guarantee of no help full refund. When the some candidates through how many years attempted to achieve a goal to get Reliable REG Test Question certification, had still not seen success hope, candidate thought always depth is having doubts unavoidably bog: can I get Reliable REG Test Question certification? When can I get Reliable REG Test Question certification? In this a succession of question behind, is following close on is the suspicion and lax. In fact, passing Reliable REG Test Question certification exam is just a piece of cake!
You don't need to worry about how difficulty the exams are. Omgzlook release the best high-quality REG Dumps.Zip exam original questions to help you most candidates pass exams and achieve their goal surely. Obtaining an IT certification shows you are an ambitious individual who is always looking to improve your skill set.
Come and buy our AICPA REG Dumps.Zip exam guide!
If you are forced to pass exams and obtain certification by your manger, our REG Dumps.Zip original questions will be a good choice for you. Our products can help you clear exams at first shot. We promise that we provide you with best quality REG Dumps.Zip original questions and competitive prices. We offer 100% pass products with excellent service. We provide one year studying assist service and one year free updates downloading of AICPA REG Dumps.Zip exam questions. If you fail exam we support to exchange and full refund.
Up to now, many people have successfully passed the REG Dumps.Zip exam with our assistance. So you need to be brave enough to have a try.
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.
With the help of our online version, you can not only practice our ISM CORe exam pdf in any electronic equipment, but also make you feel the atmosphere of ISM CORe actual test. And all of the PDF version, online engine and windows software of the AACE International CCP study guide will be tested for many times. Our valid Dell D-DLM-A-01 practice questions are created according to the requirement of the certification center based on the real questions. You can take part in the real SAP C_TS4FI_2023 exam after you have memorized all questions and answers accurately. Dear everyone, you can download the EMC D-NWG-DS-00 free demo for a little try.
Updated: May 26, 2022