If the REG Camp Questions braindumps products fail to deliver as promised, then you can get your money back. The REG Camp Questions sample questions include all the files you need to prepare for the AICPA REG Camp Questions exam. With the help of the REG Camp Questions practice exam questions, you will be able to feel the real REG Camp Questions exam scenario, and it will allow you to assess your skills. Our resources are constantly being revised and updated, with a close correlation. If you prepare AICPA REG Camp Questions certification, you will want to begin your training, so as to guarantee to pass your exam. No need of running after unreliable sources such as free courses, online REG Camp Questions courses for free and REG Camp Questions dumps that do not ensure a passing guarantee to the REG Camp Questions exam candidates.
AICPA Certification REG We can help you to achieve your goals.
With the help of our REG - CPA Regulation Camp Questions practice materials, you can successfully pass the actual exam with might redoubled. But to succeed you can have a shortcut, as long as you make the right choice. I took advantage of Omgzlook's AICPA New REG Exam Simulator exam training materials, and passed the AICPA New REG Exam Simulator exam.
We have considerate after sales services with genial staff. They are willing to solve the problems of our REG Camp Questions training guide 24/7 all the time. If you have any question that you don't understand, just contat us and we will give you the most professional advice immediately.
AICPA REG Camp Questions - Chance favors the prepared mind.
To ensure that you have a more comfortable experience before you choose to purchase our REG Camp Questions exam quiz, we provide you with a trial experience service. Once you decide to purchase our REG Camp Questions learning materials, we will also provide you with all-day service. If you have any questions, you can contact our specialists. We will provide you with thoughtful service. With our trusted service, our REG Camp Questions study guide will never make you disappointed.
We are ready to show you the most reliable REG Camp Questions pdf vce and the current exam information for your preparation of the test. Before you try to attend the REG Camp Questions practice exam, you need to look for best learning materials to easily understand the key points of REG Camp Questions exam prep.
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
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: 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.
Our Cisco 350-601 learning materials are new but increasingly popular choices these days which incorporate the newest information and the most professional knowledge of the practice exam. Passing Netskope NSK101 practice exam is not so easy and need to spend much time to prepare the training materials, that's the reason that so many people need professional advice for Netskope NSK101 exam prep. Oracle 1z0-1042-24 - If you have any questions about CPA Regulation test torrent or there are any problems existing in the process of the refund you can contact us by mails or contact our online customer service personnel and we will reply and solve your doubts or questions promptly. The Cisco 700-240 practice download pdf offered by Omgzlook can give you some reference. Our Network Appliance NS0-604 guide torrent will help you establish the error sets.
Updated: May 26, 2022