And we have become a popular brand in this field. Based on a return visit to students who purchased our REG Ebook actual exam, we found that over 99% of the customers who purchased our REG Ebook learning materials successfully passed the exam. Advertisements can be faked, but the scores of the students cannot be falsified. But our REG Ebook practice braindumps are the leader in the market for ten years. As long as you try our REG Ebook exam questions, we believe you will fall in love with it. For many people, it’s no panic passing the REG Ebook exam in a short time.
AICPA Certification REG Join us and you will be one of them.
AICPA Certification REG Ebook - CPA Regulation They have rearranged all contents, which is convenient for your practice. To be convenient for the learners, our REG Free Vce Dumps certification questions provide the test practice software to help the learners check their learning results at any time. Our REG Free Vce Dumps study practice guide takes full account of the needs of the real exam and conveniences for the clients.
If you fail to pass the exam, we will give a full refund. REG Ebook learning guide hopes to progress together with you and work together for their own future. The high passing rate of REG Ebook exam training also requires your efforts.
AICPA REG Ebook - It is quite convenient.
Thousands of people will compete with you to get the REG Ebook certificate. You must feel scared and disappointed. Do not lose hope. Our study materials come to your help. We will enhance your knowledge about the REG Ebook exam. You just need to follow our REG Ebook study materials to prepare the exam. No extra reference books are needed. And our pass rate is proved by our worthy customers to be high as 98% to 100%. You will pass the exam easily with our REG Ebook practice braindumps.
If you are better, you will have a more relaxed life. REG Ebook guide materials allow you to increase the efficiency of your work.
REG PDF DEMO:
QUESTION NO: 1
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: 2
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: 3
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: 4
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: 5
Conner purchased 300 shares of Zinco stock for $30,000 in 1980. On May 23, 1994, Conner sold all the
stock to his daughter Alice for $20,000, its then fair market value. Conner realized no other gain or loss
during 1994. On July 26, 1994, Alice sold the 300 shares of Zinco for $25,000.
What amount of the loss from the sale of Zinco stock can Conner deduct in 1994?
A. $0
B. $3,000
C. $5,000
D. $10,000
Answer: A
Explanation
Choice "a" is correct. Even though Conner has a realized loss of $10,000 on this transaction he cannot deduct the loss since it was incurred in a transaction with his daughter, a related party.
Choice "b" is incorrect. $3,000 is the limit on deductible net capital losses. However, Conner cannot deduct this loss, since it was incurred in a transaction with his daughter, a related party.
Choice "c" is incorrect. Conner's realized loss on the sale is $10,000 ( $20,000 proceeds less $30,000 basis). However, Conner cannot deduct this loss, since it was incurred in a transaction with his daughter,
a related party.
Choice "d" is incorrect. $10,000 is Conner's realized loss on the sale. However, Conner cannot deduct this loss, since it was incurred in a transaction with his daughter, a related party.
our SAP C-S4PPM-2021 study materials will also save your time and energy in well-targeted learning as we are going to make everything done in order that you can stay focused in learning our SAP C-S4PPM-2021 study materials without worries behind. SAP C_THR89_2405 - Most importantly, these continuously updated systems are completely free to users. On Omgzlook website you can free download part of the exam questions and answers about AICPA certification CompTIA N10-009 exam to quiz our reliability. SAP C_ARP2P_2404 - Users can not only learn new knowledge, can also apply theory into the actual problem, but also can leak fill a vacancy, can say such case selection is to meet, so to grasp the opportunity! IBM S2000-024 exam is a AICPA certification exam and IT professionals who have passed some AICPA certification exams are popular in IT industry.
Updated: May 26, 2022