Highlight a person's learning effect is not enough, because it is difficult to grasp the difficulty of testing, a person cannot be effective information feedback, in order to solve this problem, our REG Collection Pdf real exam materials provide a powerful platform for users, allow users to exchange of experience. Here, the all users of our REG Collection Pdf learning reference files can through own id to login to the platform, realize the exchange and sharing with other users, even on the platform and more users to become good friends, encourage each other, to deal with the difficulties encountered in the process of preparation each other. Our REG Collection Pdf learning reference files not only provide a single learning environment for users, but also create a learning atmosphere like home, where you can learn and communicate easily. And you will find that passing the REG Collection Pdf exam is as easy as pie. Starting from our REG Collection Pdf practice materials will make a solid foundation for your exam definitively. REG Collection Pdf exam materials will definitely make you feel value for money.
AICPA Certification REG You will become friends with better people.
Omgzlook's AICPA REG - CPA Regulation Collection Pdf exam training materials can help you 100% pass the exam. We have made all efforts to update our products in order to help you deal with any change, making you confidently take part in the REG Valid Test Braindumps exam. Every day they are on duty to check for updates of REG Valid Test Braindumps study materials for providing timely application.
So the choice is important. Omgzlook's AICPA REG Collection Pdf exam training materials are the best things to help each IT worker to achieve the ambitious goal of his life. It includes questions and answers, and issimilar with the real exam questions.
Come and buy our AICPA REG Collection Pdf exam questions!
In the past few years, AICPA certification REG Collection Pdf exam has become an influenced computer skills certification exam. However, how to pass AICPA certification REG Collection Pdf exam quickly and simply? Our Omgzlook can always help you solve this problem quickly. In Omgzlook we provide the REG Collection Pdf certification exam training tools to help you pass the exam successfully. The REG Collection Pdf certification exam training tools contains the latest studied materials of the exam supplied by IT experts.
And after using our REG Collection Pdf learning prep, they all have marked change in personal capacity to deal with the REG Collection Pdf exam intellectually. The world is full of chicanery, but we are honest and professional in this area over ten years.
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 industrious Omgzlook's IT experts through their own expertise and experience continuously produce the latest AICPA Adobe AD0-E328 training materials to facilitate IT professionals to pass the AICPA certification Adobe AD0-E328 exam. EMC D-PSC-DY-23 - So during your formative process of preparation, we are willing be your side all the time. Fortinet NSE6_WCS-7.0 - If you fail to pass the exam, Omgzlook will full refund to you. We are determined to give hand to the candidates who want to pass their PECB ISO-IEC-27001-Lead-Auditor-KR exam smoothly and with ease by their first try. In order to pass AICPA certification Axis ANVE exam some people spend a lot of valuable time and effort to prepare, but did not succeed.
Updated: May 26, 2022