Let’s learn REG Exam Dumps exam dumps, and you can pass the exam at once. When you pass the REG Exam Dumps exam and get a certificate, you will find that you are a step closer to your dream. It will be a first step to achieve your dreams. High question hit rate makes you no longer aimless when preparing for the exam, so you just should review according to the content of our REG Exam Dumps study guide prepared for you. There may be a lot of people feel that the preparation process for REG Exam Dumps exams is hard and boring, and hard work does not necessarily mean good results, which is an important reason why many people are afraid of examinations. Our REG Exam Dumps real exam try to ensure that every customer is satisfied, which can be embodied in the convenient and quick refund process.
AICPA Certification REG I wish you good luck.
With our exclusive online AICPA REG - CPA Regulation Exam Dumps exam training materials, you'll easily through AICPA REG - CPA Regulation Exam Dumps exam. If you use Omgzlook'straining program, you can 100% pass the exam. If you fail the exam, we will give a full refund to you.
The exam materiala of the Omgzlook AICPA REG Exam Dumps is specifically designed for candicates. It is a professional exam materials that the IT elite team specially tailored for you. Passed the exam certification in the IT industry will be reflected in international value.
AICPA REG Exam Dumps - Come on, you will be the next best IT experts.
AICPA REG Exam Dumps certification exam is among those popular IT certifications. It is also the dream of ambitious IT professionals. This part of the candidates need to be fully prepared to allow them to get the highest score in the REG Exam Dumps exam, make their own configuration files compatible with market demand.
Omgzlook dumps has high hit rate that will help you to pass AICPA REG Exam Dumps test at the first attempt, which is a proven fact. So, the quality of Omgzlook practice test is 100% guarantee and Omgzlook dumps torrent is the most trusted exam materials.
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.
Omgzlook's AICPA IBM C1000-163 exam training material includes all the knowledge that must be mastered for the purpose of passing the AICPA IBM C1000-163 exam. If you obtain SASInstitute A00-415 certificate, you can get a lot of benefits. VMware 3V0-32.23 - We also offer a year of free updates. Are you worrying about how to pass AICPA Autodesk ACP-01101 test? Now don't need to worry about the problem. Microsoft MS-102 - Its accuracy rate is 100% and let you take the exam with peace of mind, and pass the exam easily.
Updated: May 26, 2022