Do you feel aimless and helpless when the REG Tips exam is coming soon? If your answer is absolutely yes, then we would like to suggest you to try our REG Tips training materials, which are high quality and efficiency test tools. Your success is 100% ensured to pass the REG Tips exam and acquire the dreaming certification which will enable you to reach for more opportunities to higher incomes or better enterprises. you can download any time if you are interested in our REG Tips dumps torrent. Don't worry about the quality of our exam materials, you can tell from our free demo. Therefore that adds more confidence for you to make a full preparation of the upcoming REG Tips exam.
AICPA Certification REG At first, it can be only used on PC.
Different from other similar education platforms, the REG - CPA Regulation Tips quiz guide will allocate materials for multi-plate distribution, rather than random accumulation without classification. Our REG Reliable Exam Passing Score free dumps demo will provide you some basic information for the accuracy of our exam materials. All questions and answers in our REG Reliable Exam Passing Score real dumps are tested by our certified trainers with rich experience and one or two days is enough for you practicing valid REG Reliable Exam Passing Score exam pdf.
We will send our REG Tips exam guide within 10 minutes after your payment. You can check your mailbox ten minutes after payment to see if our REG Tips exam guide are in. What we attach importance to in the transaction of latest REG Tips quiz prep is for your consideration about high quality and efficient products and time-saving service.
AICPA REG Tips - You’ve heard it right.
Having been handling in this line for more than ten years, we can assure you that our REG Tips study questions are of best quality and reasonable prices for your information. We offer free demos of the latest version covering all details of our REG Tips exam braindumps available at present as representatives. So REG Tips practice materials come within the scope of our business activities. Choose our REG Tips learning guide, you won't regret!
Besides, the pollster conducted surveys of public opinions of our REG Tips study engine and get desirable outcomes that more than 98 percent of exam candidates feel rewarding after using our REG Tips actual exam. And we enjoy their warm feedbacks to show and prove that we really did a good job in this career.
REG PDF DEMO:
QUESTION NO: 1
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: 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
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: 4
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: 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.
SAP C-THR81-2405 study engine is very attentive to provide a demo for all customers who concerned about our products, whose purpose is to allow customers to understand our product content before purchase. The latest Amazon SOA-C02-KR quiz torrent can directly lead you to the success of your career. Our considerate service is not only reflected in the purchase process, but also reflected in the considerate after-sales assistance on our SAP C_DBADM_2404 exam questions. The PDF version of our SAP C_TS462_2023 test braindumps provide demo for customers; you will have the right to download the demo for free if you choose to use the PDF version. SAP C-BW4H-214 - We only use the certificated experts and published authors to compile our study materials and our products boost the practice test software to test the clients’ ability to answer the questions.
Updated: May 26, 2022