Omgzlook AICPA REG Examprep exam dumps are the best reference materials. Omgzlook test questions and answers are the training materials you have been looking for. This is a special IT exam dumps for all candidates. Although you will take each REG Examprep online test one at a time - each one builds upon the previous. Remember that each REG Examprep exam preparation is built from a common certification foundation.REG Examprep prepareation will provide the most excellent and simple method to pass your REG Examprep Certification Exams on the first attempt. Omgzlook won a good reputation by these candidates that have passed AICPA REG Examprep certification exam.
AICPA Certification REG So the proficiency of our team is unquestionable.
You will receive an email attached with the REG - CPA Regulation Examprep training dumps within 5-10 minutes after completing purchase. It will be easy for you to find your prepared learning material. If you are suspicious of our Latest REG Version exam questions, you can download the free demo from our official websites.
To all customers who bought our REG Examprep pdf torrent, all can enjoy one-year free update. We will send you the latest version immediately once we have any updating about this test. Our website always trying to bring great convenience to our candidates who are going to attend the REG Examprep practice test.
AICPA REG Examprep - It can be used on Phone, Ipad and so on.
We guarantee that after purchasing our REG Examprep exam torrent, we will deliver the product to you as soon as possible within ten minutes. So you don’t need to wait for a long time and worry about the delivery time or any delay. We will transfer our CPA Regulation prep torrent to you online immediately, and this service is also the reason why our REG Examprep test braindumps can win people’s heart and mind. Therefore, you are able to get hang of the essential points in a shorter time compared to those who are not willing to use our REG Examprep exam torrent.
With the help of our REG Examprep dumps collection, all level of candidates can grasp the key content of the real exam and solve the difficulty of REG Examprep real questions easily. The most important is that our test engine enables you practice REG Examprep exam pdf on the exact pattern of the actual exam.
REG PDF DEMO:
QUESTION NO: 1
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: 2
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: 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
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.
QUESTION NO: 5
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.
Because our materials not only has better quality than any other same learn products, but also can guarantee that you can pass the SAP C_CPE_16 exam with ease. When you are preparing EMC D-VXR-DS-00 practice exam, it is necessary to grasp the overall knowledge points of real exam by using the latest EMC D-VXR-DS-00 pass guide. They are high quality and high effective EMC D-PSC-DS-23 training materials and our efficiency is expressed clearly in many aspects for your reference. IBM C1000-127 - With the development of technology, learning methods also take place great changes. Splunk SPLK-1002 - We understand your drive of the certificate, so you have a focus already and that is a good start.
Updated: May 26, 2022