In the annual examination questions, our REG Download Pdf study questions have the corresponding rules to summarize, and can accurately predict this year's test hot spot and the proposition direction. This allows the user to prepare for the test full of confidence. The most interesting thing about the learning platform is not the number of questions, not the price, but the accurate analysis of each year's exam questions. They can greatly solve your problem-solving abilities. Actually our REG Download Pdf study materials cover all those traits and they are your prerequisites for successful future. 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 Download Pdf real exam materials provide a powerful platform for users, allow users to exchange of experience.
AICPA Certification REG And we have become a popular brand in this field.
According to various predispositions of exam candidates, we made three versions of our REG - CPA Regulation Download Pdf study materials for your reference: the PDF, Software and APP online. For many people, it’s no panic passing the Latest REG Dumps Questions exam in a short time. Luckily enough,as a professional company in the field of Latest REG Dumps Questions practice questions ,our products will revolutionize the issue.
We guarantee that you can pass the exam at one time even within one week based on practicing our REG Download Pdf exam materials regularly. 98 to 100 percent of former exam candidates have achieved their success by the help of our REG Download Pdf practice questions. And we have been treated as the best friend as our REG Download Pdf training guide can really help and change the condition which our loyal customers are in and give them a better future.
AICPA REG Download Pdf - Join us and you will be one of them.
As we all know, it is difficult to prepare the REG Download Pdf exam by ourselves. Excellent guidance is indispensable. If you urgently need help, come to buy our study materials. Our company has been regarded as the most excellent online retailers of the REG Download Pdf exam question. So our assistance is the most professional and superior. You can totally rely on our study materials to pass the exam. All the key and difficult points of the REG Download Pdf exam have been summarized by our experts. They have rearranged all contents, which is convenient for your practice. Perhaps you cannot grasp all crucial parts of the REG Download Pdf study tool by yourself. You also can refer to other candidates’ review guidance, which might give you some help. Then we can offer you a variety of learning styles. Our printable REG Download Pdf real exam dumps, online engine and windows software are popular among candidates. So you will never feel bored when studying on our REG Download Pdf study tool.
To be convenient for the learners, our REG Download Pdf certification questions provide the test practice software to help the learners check their learning results at any time. Our REG Download Pdf study practice guide takes full account of the needs of the real exam and conveniences for the clients.
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
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
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: 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.
SAP C_THR92_2405 - If you fail to pass the exam, we will give a full refund. Because the CheckPoint 156-521 cram simulator from our company are very useful for you to pass the exam and get the certification. VMware 3V0-32.23 - A large number of buyers pouring into our website every day can prove this. Although we come across some technical questions of our EMC D-PCR-DY-23 learning guide during development process, we still never give up to developing our EMC D-PCR-DY-23 practice engine to be the best in every detail. If you want to be one of them, please take a two-minute look at our EMC D-XTR-OE-A-24 real exam.
Updated: May 26, 2022