Time and tide wait for no man. Come and buy our REG Pdf exam questions! With many advantages such as immediate download, simulation before the real exam as well as high degree of privacy, our REG Pdf actual exam survives all the ordeals throughout its development and remains one of the best choices for those in preparation for REG Pdf exam. However, how to pass AICPA certification REG Pdf exam quickly and simply? Our Omgzlook can always help you solve this problem quickly. In Omgzlook we provide the REG Pdf certification exam training tools to help you pass the exam successfully. Our REG Pdf practice materials are suitable to exam candidates of different levels.
AICPA Certification REG We get first-hand information; 2.
You will change a lot after learning our REG - CPA Regulation Pdf study materials. As we sell electronic files, there is no need to ship. After payment you can receive REG Latest Exam Discount exam review questions you purchase soon so that you can study before.
There is no doubt that the certification has become more and more important for a lot of people, especial these people who are looking for a good job, and it has been a general trend. More and more workers have to spend a lot of time on meeting the challenge of gaining the REG Pdf certification by sitting for an exam. It is known to us that more and more companies start to pay high attention to the REG Pdf certification of the candidates.
AICPA REG Pdf - Never stop challenging your limitations.
CPA Regulation exam tests are a high-quality product recognized by hundreds of industry experts. Over the years, REG Pdf exam questions have helped tens of thousands of candidates successfully pass professional qualification exams, and help them reach the peak of their career. It can be said that REG Pdf test guide is the key to help you open your dream door. We have enough confidence in our products, so we can give a 100% refund guarantee to our customers. REG Pdf exam questions promise that if you fail to pass the exam successfully after purchasing our product, we are willing to provide you with a 100% full refund.
With our REG Pdf 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 Pdf certification to compete for a higher position. It is time for you to plan your life carefully.
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
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: 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
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.
The procedures of buying our CIW 1D0-720 study materials are simple and save the clients’ time. Our Amazon SAA-C03 study materials are ready to help you pass the exam and get the certification. What the certificate main? All kinds of the test EMC D-PCR-DY-23 certification, prove you through all kinds of qualification certificate, it is not hard to find, more and more people are willing to invest time and effort on the EMC D-PCR-DY-23 exam guide, because get the test EMC D-PCR-DY-23 certification is not an easy thing, so, a lot of people are looking for an efficient learning method. NAHQ CPHQ - The product of Omgzlook not only can 100% guarantee you to pass the exam, but also can provide you a free one-year update service. So do not hesitate and buy our ATLASSIAN ACP-120 preparation exam, you will benefit a lot from our products.
Updated: May 26, 2022