How to improve your IT ability and increase professional IT knowledge of REG Collection Sheet real exam in a short time? Obtaining valid training materials will accelerate the way of passing REG Collection Sheet actual test in your first attempt. It will just need to take one or two days to practice AICPA REG Collection Sheet test questions and remember answers. You will free access to our test engine for review after payment. In the course of your study, the test engine of REG Collection Sheet actual exam will be convenient to strengthen the weaknesses in the learning process. This can be used as an alternative to the process of sorting out the wrong questions of REG Collection Sheet learning guide in peacetime learning, which not only help you save time, but also makes you more focused in the follow-up learning process with our REG Collection Sheet learning materials. Just add it to your cart.
So the REG Collection Sheet exam is a great beginning.
As long as you follow with our REG - CPA Regulation Collection Sheet study guide, you are doomed to achieve your success. We would like to provide our customers with different kinds of New REG Practice Test Online practice guide to learn, and help them accumulate knowledge and enhance their ability. Besides, we guarantee that the New REG Practice Test Online exam questions of all our users can be answered by professional personal in the shortest time with our New REG Practice Test Online study dumps.
Every addition or subtraction of REG Collection Sheet exam questions in the exam syllabus is updated in our braindumps instantly. Practice on real REG Collection Sheet exam questions and we have provided their answers too for your convenience. If you put just a bit of extra effort, you can score the highest possible score in the real REG Collection Sheet exam because our REG Collection Sheet exam preparation dumps are designed for the best results.
AICPA REG Collection Sheet - Our company is professional brand.
Our company always feedbacks our candidates with highly-qualified REG Collection Sheet study guide and technical excellence and continuously developing the most professional REG Collection Sheet exam materials. You can see the high pass rate as 98% to 100%, which is unmarched in the market. What is more, our REG Collection Sheet practice engine persists in creating a modern service oriented system and strive for providing more preferential activities for your convenience.
You can try the trial version from our company before you buy our REG Collection Sheet test practice files. The trial version will provide you with the demo.
REG PDF DEMO:
QUESTION NO: 1
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: 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
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: 4
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: 5
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.
With over a decade’s endeavor, our Cisco 300-815 practice guide successfully become the most reliable products in the industry. Believe it or not that up to you, our SailPoint IdentityIQ-Engineer training materials are powerful and useful, it can solve all your stress and difficulties in reviewing the SailPoint IdentityIQ-Engineer exams. Here are some features of our WGU Web-Development-Applications learning guide in our free demos which you can free download, you can understand in detail and make a choice. Our Palo Alto Networks PSE-PrismaCloud exam training’ developers to stand in the perspective of candidate, fully consider their material basis and actual levels of knowledge, formulated a series of scientific and reasonable learning mode, meet the conditions for each user to tailor their learning materials. Before purchasing, you may be confused about what kind of Juniper JN0-683 guide questions you need.
Updated: May 26, 2022