Our REG Registration guide prep is priced reasonably with additional benefits valuable for your reference. High quality and accuracy REG Registration exam materials with reasonable prices can totally suffice your needs about the exam. All those merits prefigure good needs you may encounter in the near future. If you don't pass the exam, we will take a full refund to you. Before you choose to buy the Omgzlook products before, you can free download part of the exercises and answers about AICPA certification REG Registration exam as a try, then you will be more confident to choose Omgzlook's products to prepare your AICPA certification REG Registration exam. We claim that you can be ready to attend your exam after studying with our REG Registrationstudy guide for 20 to 30 hours because we have been professional on this career for years.
AICPA Certification REG Omgzlook is a great resource site.
To understand our REG - CPA Regulation Registration learning questions in detail, just come and try! Omgzlook's AICPA New REG Exam Collection Pdf exam training materials is the best training materials. Select the materials is to choose what you want.
Many people want to be the competent people which can excel in the job in some area and be skillful in applying the knowledge to the practical working in some industry. But the thing is not so easy for them they need many efforts to achieve their goals. Passing the test REG Registration certification can make them become that kind of people and if you are one of them buying our REG Registration study materials will help you pass the REG Registration test smoothly with few efforts needed.
AICPA REG Registration - You can totally relay on us.
Quality should be tested by time and quantity, which is also the guarantee that we give you to provide REG Registration exam software for you. Continuous update of the exam questions, and professional analysis from our professional team have become the key for most candidates to pass REG Registration exam. The promise of "no help, full refund" is the motivation of our team. We will continue improving REG Registration exam study materials. We will guarantee that you you can share the latest REG Registration exam study materials free during one year after your payment.
Second, it is convenient for you to read and make notes with our versions of REG Registration exam materials. Last but not least, we will provide considerate on line after sale service for you in twenty four hours a day, seven days a week.
REG PDF DEMO:
QUESTION NO: 1
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: 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
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: 4
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: 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.
ISQI CTFL_Syll_4.0 - Now you can have these precious materials. After nearly ten years' efforts, now our company have become the topnotch one in the field, therefore, if you want to pass the SAP C-THR86-2405 exam as well as getting the related certification at a great ease, I strongly believe that the SAP C-THR86-2405 study materials compiled by our company is your solid choice. If you want to be familiar with the real test and grasp the rhythm in the real test, you can choose our Cisco 200-301-KR exam test engine to practice. It is universally accepted that in this competitive society in order to get a good job we have no choice but to improve our own capacity and explore our potential constantly, and try our best to get the related VMware 1V0-41.20 certification is the best way to show our professional ability, however, the VMware 1V0-41.20 exam is hard nut to crack but our VMware 1V0-41.20 preparation questions are closely related to the exam, it is designed for you to systematize all of the key points needed for the VMware 1V0-41.20 exam. Now, let’s start your preparation with Cisco 300-730 training material.
Updated: May 26, 2022