And they are the masterpieces of processional expertise these area with reasonable prices. Besides, they are high efficient for passing rate is between 98 to 100 percent, so they can help you save time and cut down additional time to focus on the REG Certification Torrent actual exam review only. We understand your drive of the REG Certification Torrent certificate, so you have a focus already and that is a good start. The thoughtfulness of our REG Certification Torrent study materials services is insuperable. What we do surly contribute to the success of REG Certification Torrent practice materials. And as long as you purchase our REG Certification Torrent study engine, you can enjoy free updates for one year long.
AICPA Certification REG Why not have a try?
If there is new information about the exam, you will receive an email about the newest information about the REG - CPA Regulation Certification Torrent learning dumps. With our REG Question Explanations exam questions, you will easily get the favor of executives and successfully enter the gates of famous companies. You will have higher wages and a better development platform.
Although the three major versions of our REG Certification Torrent exam dumps provide a demo of the same content for all customers, they will meet different unique requirements from a variety of users based on specific functionality. The most important feature of the online version of our REG Certification Torrent learning materials are practicality. The online version is open to all electronic devices, which will allow your device to have common browser functionality so that you can open our products.
AICPA REG Certification Torrent - You must make a decision as soon as possible!
If we waste a little bit of time, we will miss a lot of opportunities. If we miss the opportunity, we will accomplish nothing. Then, life becomes meaningless. Our REG Certification Torrent preparation exam have taken this into account, so in order to save our customer’s precious time, the experts in our company did everything they could to prepare our REG Certification Torrent study materials for those who need to improve themselves quickly in a short time to pass the exam to get the REG Certification Torrent certification.
Our REG Certification Torrent study tool prepared by our company has now been selected as the secret weapons of customers who wish to pass the exam and obtain relevant certification. If you are agonizing about how to pass the exam and to get the AICPA certificate, now you can try our learning materials.
REG PDF DEMO:
QUESTION NO: 1
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: 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
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: 4
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: 5
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.
HP HPE6-A72 - The client only need to spare 1-2 hours to learn our CPA Regulation study question each day or learn them in the weekends. SASInstitute A00-406 - We just want to provide you with the best service. ServiceNow CIS-VR - As a matter of fact, we receive thousands of the warm feedbacks to thank us for helping them pass the exam. Omgzlook is famous for our company made these Nutanix NCP-MCA exam questions with accountability. But our IBM C1000-180 study guide will offer you the most professional guidance.
Updated: May 26, 2022