If you want to find a desirable job, you must rely on your ability to get the job. Now, our REG Free training materials will help you master the popular skills in the office. With our REG Free exam braindumps, you can not only learn the specialized knowledge of this subject to solve the problems on the work, but also you can get the REG Free certification to compete for a higher position. But if the clients buy our REG Free training quiz they can immediately use our product and save their time. And the quality of our exam dumps are very high! In order to survive in the society and realize our own values, learning our REG Free practice engine is the best way.
AICPA Certification REG You may try it!
AICPA Certification REG Free - CPA Regulation Everyone has a utopian dream in own heart. The job-hunters face huge pressure because most jobs require both working abilities and profound major knowledge. Passing Free REG Practice exam can help you find the ideal job.
This is the royal road to pass REG Free exam. Although you are busy working and you have not time to prepare for the exam, you want to get AICPA REG Free certificate. At the moment, you must not miss Omgzlook REG Free certification training materials which are your unique choice.
AICPA REG Free - Some of them can score more than 90%.
As for ourselves, we are a leading and old-established CPA Regulation firm in a very excellent position to supply the most qualified practice materials with competitive prices and efficient obtainment. They can be obtained within five minutes. Our REG Free practice materials integrating scientific research of materials, production of high quality REG Free training engine and considerate after-sales services have help us won a prominent position in the field of materials.
Good REG Free study guide will be a shortcut for you to well-directed prepare and practice efficiently, you will avoid do much useless efforts and do something interesting. Omgzlook releases 100% pass-rate REG Free study guide files which guarantee candidates 100% pass exam in the first attempt.
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.
All exam materials in Microsoft MB-260 learning materials contain PDF, APP, and PC formats. Nutanix NCP-CI-AWS - Don't hesitate to get help from our customer assisting. We often ask, what is the purpose of learning? Why should we study? Why did you study for ISACA CISM-CNexam so long? As many people think that, even if one day we forget the formula for the area of a triangle, we can still live very well, but if it were not for the knowledge of learning ISACA CISM-CN exam and try to obtain certification, how can we have the opportunity to good to future life? So, the examination is necessary, only to get the test ISACA CISM-CN certification, get a certificate, to prove better us, to pave the way for our future life. So we prepared top APMG-International AgileBA-Foundation pdf torrent including the valid questions and answers written by our certified professionals for you. With our SAP C_THR81_2405 practice engine for 20 to 30 hours, we can claim that you will be quite confident to attend you exam and pass it for sure for we have high pass rate as 98% to 100% which is unmatched in the market.
Updated: May 26, 2022