If you find that you need to pay extra money for the REG Ppt study materials, please check whether you choose extra products or there is intellectual property tax. All in all, you will receive our REG Ppt learning guide via email in a few minutes. If you want to buy our REG Ppt training engine, you must ensure that you have credit card. For our professional experts simplified the content of theREG Ppt exam questions for all our customers to be understood. We all know that REG Ppt learning guide can help us solve learning problems. In order to remain competitive in the market, our company has been keeping researching and developing of the new REG Ppt exam questions.
AICPA Certification REG Do not be bemused about the exam.
Omgzlook help you to find real AICPA REG - CPA Regulation Ppt exam preparation process in a real environment. Considering many exam candidates are in a state of anguished mood to prepare for the Hottest REG Certification exam, our company made three versions of Hottest REG Certification real exam materials to offer help. All these variants due to our customer-oriented tenets.
This is the achievement made by IT experts in Omgzlook after a long period of time. They used their knowledge and experience as well as the ever-changing IT industry to produce the material. The effect of Omgzlook's AICPA REG Ppt exam training materials is reflected particularly good by the use of the many candidates.
AICPA REG Ppt - It is up to you to make a decision.
It is our responsibility to relieve your pressure from preparation of REG Ppt exam. To help you pass the REG Ppt exam is our goal. The close to 100% passing rate of our dumps allow you to be rest assured in our products. Not all vendors dare to promise that if you fail the exam, we will give you a full refund. But our IT elite of Omgzlook and our customers who are satisfied with our REG Ppt exam software give us the confidence to make such promise.
You can free download the part of AICPA REG Ppt exam questions and answers Omgzlook provide as an attempt to determine the reliability of our products. I believe you will be very satisfied of our products.
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
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
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: 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.
If you worry about your exam, our Microsoft MB-230 exam training dumps will guide you and make you well preparing,you will pass exam without any doubt. Omgzlook is a website to provide a targeted training for AICPA certification Juniper JN0-1103 exam. We arrange the experts to check the update every day, if there is any update about the Cisco 350-601 pdf vce, the latest information will be added into the Cisco 350-601 exam dumps, and the useless questions will be remove of it to relief the stress for preparation. SAP C-TS4FI-2023 - If we have any updated version of test software, it will be immediately pushed to customers. Your knowledge range will be broadened and your personal skills will be enhanced by using the Microsoft PL-300-KR free pdf torrent, then you will be brave and confident to face the Microsoft PL-300-KR actual test.
Updated: May 26, 2022