If you choose our nearly perfect REG Exam Assessmentpractice materials with high quality and accuracy, our REG Exam Assessment training questions can enhance the prospects of victory. Choosing our REG Exam Assessment learning prep is the most useful way to improve your grade and chance to pass the exam. This time set your mind at rest with the help of our REG Exam Assessment guide quiz. We provide the best service to the client and hope the client can be satisfied. Many clients may worry that their privacy information will be disclosed while purchasing our REG Exam Assessment quiz torrent. All contents of REG Exam Assessment training prep are made by elites in this area rather than being fudged by laymen.
AICPA Certification REG Why not have a try?
In order to help all customers gain the newest information about the REG - CPA Regulation Exam Assessment exam, the experts and professors from our company designed the best CPA Regulation test guide. With our REG Valid Real Test Questions And Answers 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 Exam Assessment 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 Exam Assessment 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 Exam Assessment - 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 Exam Assessment 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 Exam Assessment study materials for those who need to improve themselves quickly in a short time to pass the exam to get the REG Exam Assessment certification.
Our reputation is earned by high-quality of our learning materials. Once you choose our training materials, you chose hope.
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
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
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: 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.
EMC D-PCR-DY-23 - The clients can use the shortest time to prepare the exam and the learning only costs 20-30 hours. VMware 5V0-31.23 - We just want to provide you with the best service. Once their classmates or colleagues need to prepare an exam, they will soon introduce them to choose our HP HPE2-N71 study materials. Amazon DOP-C02-KR - We are reliable and trustable in this career for more than ten years. But our Scrum SAFe-SASM study guide will offer you the most professional guidance.
Updated: May 26, 2022