Every day of our daily life seems to be the same rhythm, work to eat and sleep, and all the daily arrangements, the exam does not go through every day, especially for the key REG Exam Notes qualification test ready to be more common. In preparing the REG Exam Notes qualification examination, the REG Exam Notes study materials will provide users with the most important practice materials. Users can evaluate our products by downloading free demo templates prior to formal purchase. We have left some space for you to make notes on the PDF version of the REG Exam Notes study materials. In a word, you need not to spend time on adjusting the PDF version of the REG Exam Notes exam questions. To give the customer the best service, all of our company's REG Exam Notes learning materials are designed by experienced experts from various field, so our REG Exam Notes Learning materials will help to better absorb the test sites.
AICPA Certification REG We understand your itching desire of the exam.
If you are a beginner, and if you want to improve your professional skills, Omgzlook AICPA REG - CPA Regulation Exam Notes exam braindumps will help you to achieve your desire step by step. As a responsible company over ten years, we are trustworthy. In the competitive economy, this company cannot remain in the business for long.
This is the achievement made by IT experts in Omgzlook after a long period of time. They used their knowledge and experience as well as the ever-changing IT industry to produce the material. The effect of Omgzlook's AICPA REG Exam Notes exam training materials is reflected particularly good by the use of the many candidates.
AICPA REG Exam Notes - It is up to you to make a decision.
It is our responsibility to relieve your pressure from preparation of REG Exam Notes exam. To help you pass the REG Exam Notes exam is our goal. The close to 100% passing rate of our dumps allow you to be rest assured in our products. Not all vendors dare to promise that if you fail the exam, we will give you a full refund. But our IT elite of Omgzlook and our customers who are satisfied with our REG Exam Notes exam software give us the confidence to make such promise.
I have confidence in our Omgzlook products that soon Omgzlook's exam questions and answers about AICPA REG Exam Notes will be your choice and you will pass AICPA certification REG Exam Notes exam successfully. It is wise to choose our Omgzlook and Omgzlook will prove to be the most satisfied product you want.
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.
PECB ISO-IEC-27001-Lead-Implementer - Our products are just suitable for you. Microsoft AZ-104 - The training materials of Omgzlook are developed by many IT experts' continuously using their experience and knowledge to study, and the quality is very good and have very high accuracy. You will get your ISACA CRISC certification with little time and energy by the help of out dumps. Salesforce CRT-251 - If you buy the Omgzlook's products, we will not only spare no effort to help you pass the certification exam, but also provide a free update and upgrade service. As we all know, it is not an easy thing to gain the CompTIA FC0-U61 certification.
Updated: May 26, 2022