So if you are in a dark space, our REG Simulations exam questions can inspire you make great improvements. Just believe in our REG Simulations training guide and let us lead you to a brighter future! There are totally three versions of REG Simulations practice materials which are the most suitable versions for you: PDF, Software and APP online versions. So, are you ready? Buy our REG Simulations guide questions; it will not let you down. However, how can you get the REG Simulations certification successfully in the shortest time? We also know you can’t spend your all time on preparing for your exam, so it is very difficult for you to get the certification in a short time. It is our unshakable faith and our REG Simulations practice materials will offer tremendous help.
We believe that you will like our REG Simulations exam prep.
With three versions of products, our REG - CPA Regulation Simulations learning questions can satisfy different taste and preference of customers with different use: PDF & Software & APP versions. You can take the REG Latest Exam Review training materials and pass it without any difficulty. Now is not the time to be afraid to take any more difficult REG Latest Exam Review certification exams.
If you want to get the REG Simulations certification to improve your life, we can tell you there is no better alternative than our REG Simulations exam questions. The REG Simulations test torrent also offer a variety of learning modes for users to choose from, which can be used for multiple clients of computers and mobile phones to study online, as well as to print and print data for offline consolidation. Our product is affordable and good, if you choose our products, we can promise that our REG Simulations exam torrent will not let you down.
AICPA REG Simulations - They are professionals in every particular field.
Under the situation of intensifying competition in all walks of life, will you choose to remain the same and never change or choose to obtain a REG Simulations certification which can increase your competitiveness? I think most of people will choose the latter, because most of the time certificate is a kind of threshold, with REG Simulations certification, you may have the opportunity to enter the door of an industry. And our REG Simulations exam questions will be your best choice to gain the certification.
Unlike other REG Simulations study materials, there is only one version and it is not easy to carry. Our REG Simulations exam questions mainly have three versions which are PDF, Software and APP online, and for their different advantafes, you can learn anywhere at any time.
REG PDF DEMO:
QUESTION NO: 1
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: 2
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: 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
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.
QUESTION NO: 5
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.
A good EMC D-MN-OE-23 certification must be supported by a good EMC D-MN-OE-23 exam practice, which will greatly improve your learning ability and effectiveness. Microsoft MS-700 - You can browse our official websites to check our sales volumes. Our passing rate of CompTIA PT0-003 study tool is very high and you needn’t worry that you have spent money and energy on them but you gain nothing. Then they will purchase various kinds of our API API-510 learning braindumps at once. At this time, you will stand out in the interview among other candidates with the EMC D-ZT-DS-23 certification.
Updated: May 26, 2022