AICPA REG Braindumps Questions is very difficult and passing rate is relatively low. But enrolling in the AICPA certification REG Braindumps Questions exam is a wise choice, because in today's competitive IT industry, we should constantly upgrade ourselves. However, you can choose many ways to help you pass the exam. We also have installable Software version which is equipped with simulated real exam environment. And the APP online version of our REG Braindumps Questions exam dumps can support all kinds of electronic devices. You can free download part of Omgzlook's exercises and answers about AICPA certification REG Braindumps Questions exam as a try, then you will be more confident to choose our Omgzlook's products to prepare your AICPA certification REG Braindumps Questions exam.
AICPA Certification REG You may try it!
Why? Because you have Omgzlook's AICPA REG - CPA Regulation Braindumps Questions exam training materials. Nowadays the requirements for jobs are higher than any time in the past. The job-hunters face huge pressure because most jobs require both working abilities and profound major knowledge.
Because Omgzlook exam dumps contain all questions you can encounter in the actual exam, all you need to do is to memorize these questions and answers which can help you 100% pass the exam. This is the royal road to pass REG Braindumps Questions exam. Although you are busy working and you have not time to prepare for the exam, you want to get AICPA REG Braindumps Questions certificate.
AICPA REG Braindumps Questions - Do not reject learning new things.
Discount is being provided to the customer for the entire AICPA REG Braindumps Questions preparation suite. These REG Braindumps Questions learning materials include the REG Braindumps Questions preparation software & PDF files containing sample Interconnecting AICPA REG Braindumps Questions and answers along with the free 90 days updates and support services. We are facilitating the customers for the AICPA REG Braindumps Questions preparation with the advanced preparatory tools.
It is also known to us that passing the exam is not an easy thing for many people, so a good study method is very important for a lot of people, in addition, a suitable study tool is equally important, because the good and suitable REG Braindumps Questions reference guide can help people pass the exam in a relaxed state. We are glad to introduce the REG Braindumps Questions certification dumps from our company to you.
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.
I believe that after you try EMC D-OME-OE-A-24 training engine, you will love them. We can make sure that the PDF version of the Microsoft SC-300 test questions will be very convenient for all people. Additionally, the Qlik QREP exam takers can benefit themselves by using our testing engine and get numerous real Qlik QREP exam like practice questions and answers. Our EMC D-PVM-OE-23 exam prep has gained wide popularity among candidates. More about Huawei H13-334_V1.0 Exams Dumps: If you want to know more about our test preparations materials, you should explore the related Huawei H13-334_V1.0 exam Page.
Updated: May 26, 2022