AICPA REG Reference is one of the important certification exams. Omgzlook's experienced IT experts through their extensive experience and professional IT expertise have come up with IT certification exam study materials to help people pass AICPA Certification REG Reference exam successfully. Omgzlook's providing learning materials can not only help you 100% pass the exam, but also provide you a free one-year update service. After the clients use our REG Reference prep guide dump if they can’t pass the test smoothly they can contact us to require us to refund them in full and if only they provide the failure proof we will refund them at once. Our company gives priority to the satisfaction degree of the clients and puts the quality of the service in the first place. Our solution can 100% guarantee you to pass the exam, and also provide you with a one-year free update service.
AICPA Certification REG Victory won't come to me unless I go to it.
Our effort in building the content of our REG - CPA Regulation Reference learning questions lead to the development of learning guide and strengthen their perfection. All Latest REG Test Tips test questions offered by us are tested and selected by our senior experts in IT filed, which only need little time to focus on the practice and the preparation. We provide our customers with the most reliable learning materials about Latest REG Test Tips certification exam and the guarantee of pass.
The high quality product like our REG Reference study quiz has no need to advertise everywhere, and exerts influential effects which are obvious and everlasting during your preparation. The exam candidates of our REG Reference study materials are the best living and breathing ads. Just look at the comments on the REG Reference training guide, you will know that how popular they are among the candidates.
Now, quickly download AICPA REG Reference free demo for try.
Being anxious for the REG Reference exam ahead of you? Have a look of our REG Reference training engine please. Presiding over the line of our practice materials over ten years, our experts are proficient as elites who made our REG Reference learning questions, and it is their job to officiate the routines of offering help for you. All points are predominantly related with the exam ahead of you. You will find the exam is a piece of cake with the help of our REG Reference study materials.
With the REG Reference training pdf, you can get the knowledge you want in the actual test, so you do not need any other study material. If the REG Reference exam is coming and the time is tense, it is better to choose our REG Reference test engine dumps.
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.
And if you want to get all benefits like that, our SAP C_BW4H_214 training quiz is your rudimentary steps to begin. The more time you spend in the preparation for SAP C_THR83_2405 training materials, the higher possibility you will pass the exam. If you have bought the Pegasystems PEGACPBA88V1 exam questions before, then you will know that we have free demos for you to download before your purchase. In order to give back to the society, our company will prepare a number of coupons on our SAP C_THR81_2405 learning dumps. By concluding quintessential points into Microsoft MB-260 actual exam, you can pass the exam with the least time while huge progress.
Updated: May 26, 2022