We have three different versions of our REG Simulations exam questions which can cater to different needs of our customers. They are the versions: PDF, Software and APP online. The PDF version of our REG Simulations exam simulation can be printed out, suitable for you who like to take notes, your unique notes may make you more profound. We treat your time as our own time, as precious as you see, so we never waste a minute or two in some useless process. Please rest assured that use, we believe that you will definitely pass the exam. And we have three different versions Of our REG Simulations study guide: the PDF, the Software and the APP online.
AICPA Certification REG The reality is often cruel.
We are so proud to tell you that according to the statistics from our customers’ feedback, the pass rate among our customers who prepared for the exam with our REG - CPA Regulation Simulations test guide have reached as high as 99%, which definitely ranks the top among our peers. Imagine, if you're using a New Dumps REG Free Download practice materials, always appear this or that grammar, spelling errors, such as this will not only greatly affect your mood, but also restricted your learning efficiency. Therefore, good typesetting is essential for a product, especially education products, and the New Dumps REG Free Download test material can avoid these risks very well.
All in all, high efficiency of REG Simulations exam material is the reason for your selection. We understand our candidates have no time to waste, everyone wants an efficient learning. So we take this factor into consideration, develop the most efficient way for you to prepare for the REG Simulations exam, that is the real questions and answers practice mode, firstly, it simulates the real CPA Regulation test environment perfectly, which offers greatly help to our customers.
AICPA REG Simulations - Our experts have taken your worries seriously.
The content system of REG Simulations exam simulation is constructed by experts. After-sales service of our study materials is also provided by professionals. If you encounter some problems when using our REG Simulations study materials, you can also get them at any time. After you choose REG Simulations preparation questions, professional services will enable you to use it in the way that suits you best, truly making the best use of it, and bringing you the best learning results.
When the interface displays that you have successfully paid for our REG Simulations study materials, our specific online sales workers will soon deal with your orders. You will receive the REG Simulations study materials no later than ten minutes.
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.
Perhaps you have doubts about this "shortest time." I believe that after you understand the professional configuration of EMC D-PST-OE-23 training questions, you will agree with what I said. SAP C-THR85-2405 - These professional knowledge will become a springboard for your career, help you get the favor of your boss, and make your career reach it is peak. How much time do you think it takes to pass an exam? Our Fortinet FCP_FCT_AD-7.2 learning materials can assure you that you only need to spend twenty to thirty hours to pass the exam. We can be sure that with the professional help of our Axis ANVE test guide you will surely get a very good experience. So our Juniper JN0-223 exam questions would be an advisable choice for you.
Updated: May 26, 2022