You can get the latest information about the REG Voucher real test, because our Omgzlook will give you one year free update. You can be confident to face any difficulties in the REG Voucher actual test no matter any changes. Omgzlook is a reliable site offering the REG Voucher valid study material supported by 100% pass rate and full money back guarantee. To help people pass exam easily, we bring you the latest REG Voucher exam prep for the actual test which enable you get high passing score easily in test. Our study materials are the up-to-dated and all REG Voucher test answers you practiced are tested by our professional experts. You just need to remember the answers when you practice REG Voucher real questions because all materials are tested by our experts and professionals.
AICPA Certification REG Never feel sorry to invest yourself.
You can much more benefited form our REG - CPA Regulation Voucher study guide. To choose us is to choose success! It is an incredible opportunity among all candidates fighting for the desirable exam outcome to have our Best Quality REG practice materials.
The REG Voucher prep torrent we provide will cost you less time and energy. You only need relatively little time to review and prepare. After all, many people who prepare for the REG Voucher exam, either the office workers or the students, are all busy.
AICPA REG Voucher - (PDF, APP, software).
Our REG Voucher test guides have a higher standard of practice and are rich in content. If you are anxious about how to get REG Voucher certification, considering purchasing our REG Voucher study tool is a wise choice and you will not feel regretted. Our learning materials will successfully promote your acquisition of certification. Our REG Voucher qualification test closely follow changes in the exam outline and practice. In order to provide effective help to customers, on the one hand, the problems of our REG Voucher test guides are designed fitting to the latest and basic knowledge. For difficult knowledge, we will use examples and chart to help you learn better. On the other hand, our REG Voucher test guides also focus on key knowledge and points that are difficult to understand to help customers better absorb knowledge. Only when you personally experience our REG Voucher qualification test can you better feel the benefits of our products. Join us soon.
Though the content of these three versions of our REG Voucher study questions is the same, their displays are totally different. And you can be surprised to find that our REG Voucher learning quiz is developed with the latest technologies as well.
REG PDF DEMO:
QUESTION NO: 1
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: 2
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: 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
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: 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.
The good news is that according to statistics, under the help of our Adobe AD0-E207 learning dumps, the pass rate among our customers has reached as high as 98% to 100%. This time set your mind at rest with the help of our Microsoft MB-220 guide quiz. Before you buy our product, you can download and try out it freely so you can have a good understanding of our Huawei H13-611_V5.0 quiz prep. Any difficult posers will be solved by our PECB ISO-IEC-27001-Lead-Auditor quiz guide. And if you find that your version of the Cisco 200-301-KR practice guide is over one year, you can enjoy 50% discount if you buy it again.
Updated: May 26, 2022