The quality of our REG Pdf training material is excellent. After all, we have undergone about ten years’ development. Never has our practice test let customers down. The AICPA introduces changes in the REG Pdf format and topics, which are reported to our valued customers. In this manner, a constant update feature is being offered to REG Pdf exam customers. Second, you can get our REG Pdf practice dumps only in 5 to 10 minutes after payment, which enables you to devote yourself to study as soon as possible.
AICPA Certification REG To choose us is to choose success!
After all, many people who prepare for the REG - CPA Regulation Pdf exam, either the office workers or the students, are all busy. REG Latest Test Name certifications are thought to be the best way to get good jobs in the high-demanding market. There is a large range of REG Latest Test Name certifications that can help you improve your professional worth and make your dreams come true.
Although the pass rate of our REG Pdf study materials can be said to be the best compared with that of other exam tests, our experts all are never satisfied with the current results because they know the truth that only through steady progress can our REG Pdf preparation braindumps win a place in the field of exam question making forever. Therefore, buying our REG Pdf actual study guide will surprise you with high grades and you are more likely to get the certification easily.
AICPA REG Pdf - (PDF, APP, software).
Our REG Pdf test guides have a higher standard of practice and are rich in content. If you are anxious about how to get REG Pdf certification, considering purchasing our REG Pdf study tool is a wise choice and you will not feel regretted. Our learning materials will successfully promote your acquisition of certification. Our REG Pdf qualification test closely follow changes in the exam outline and practice. In order to provide effective help to customers, on the one hand, the problems of our REG Pdf test guides are designed fitting to the latest and basic knowledge. For difficult knowledge, we will use examples and chart to help you learn better. On the other hand, our REG Pdf test guides also focus on key knowledge and points that are difficult to understand to help customers better absorb knowledge. Only when you personally experience our REG Pdf qualification test can you better feel the benefits of our products. Join us soon.
Though the content of these three versions of our REG Pdf study questions is the same, their displays are totally different. And you can be surprised to find that our REG Pdf learning quiz is developed with the latest technologies as well.
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.
It is certain that the pass rate of our PECB ISO-IEC-27005-Risk-Manager study guide among our customers is the most essential criteria to check out whether our PECB ISO-IEC-27005-Risk-Manager training materials are effective or not. This time set your mind at rest with the help of our HP HP2-I72 guide quiz. Before you buy our product, you can download and try out it freely so you can have a good understanding of our IBM C1000-174 quiz prep. Any difficult posers will be solved by our HP HPE0-J68 quiz guide. And if you find that your version of the SAP C-THR86-2405 practice guide is over one year, you can enjoy 50% discount if you buy it again.
Updated: May 26, 2022