The happiness from success is huge, so we hope that you can get the happiness after you pass REG Exam Online exam certification with our developed software. Your success is the success of our Omgzlook, and therefore, we will try our best to help you obtain REG Exam Online exam certification. We will not only spare no efforts to design REG Exam Online exam materials, but also try our best to be better in all after-sale service. The existence of our REG Exam Online learning guide is regarded as in favor of your efficiency of passing the REG Exam Online exam. At the same time, our company is becoming increasingly obvious degree of helping the exam candidates with passing rate up to 98 to 100 percent. We've helped countless examinees pass REG Exam Online exam, so we hope you can realize the benefits of our software that bring to you.
AICPA Certification REG It is unmarched high as 98% to 100%.
AICPA Certification REG Exam Online - CPA Regulation If you make the best use of your time and obtain a useful certification you may get a senior position ahead of others. Once you decide to purchase our Valid Test Dumps REG Questions learning materials, we will also provide you with all-day service. If you have any questions, you can contact our specialists.
Before you try to attend the REG Exam Online practice exam, you need to look for best learning materials to easily understand the key points of REG Exam Online exam prep. There are REG Exam Online real questions available for our candidates with accurate answers and detailed explanations. We are ready to show you the most reliable REG Exam Online pdf vce and the current exam information for your preparation of the test.
AICPA REG Exam Online - Their efficiency has far beyond your expectation!
If you try on our REG Exam Online exam braindumps, you will be very satisfied with its content and design. Trust me, you can't find anything better than our REG Exam Online study materials. If you think I am exaggerating, you can try it for yourself. We can provide you with a free trial version. If you try another version and feel that our REG Exam Online practice quiz are not bad, you can apply for another version of the learning materials again and choose the version that suits you best!
It is fast and convenient out of your imagination. Unlike other kinds of exam files which take several days to wait for delivery from the date of making a purchase, our REG Exam Online study materials can offer you immediate delivery after you have paid for them.
REG PDF DEMO:
QUESTION NO: 1
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: 2
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: 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
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: 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.
HP HPE0-S59 - Finally, you will pass the exam and get a AICPA certification. Meanwhile, if you want to keep studying this course , you can still enjoy the well-rounded services by SAP C_S4CFI_2402 test prep, our after-sale services can update your existing SAP C_S4CFI_2402 study quiz within a year and a discount more than one year. As long as you buy our Microsoft AZ-400 study quiz, you will find that we update it from time to time according to the exam center. Our Salesforce Public-Sector-Solutions exam questions can assure you that you will pass the Salesforce Public-Sector-Solutions exam as well as getting the related certification under the guidance of our Salesforce Public-Sector-Solutions study materials as easy as pie. With our test-oriented HP HPE7-A02 test prep in hand, we guarantee that you can pass the HP HPE7-A02 exam as easy as blowing away the dust, as long as you guarantee 20 to 30 hours practice with our HP HPE7-A02 study materials.
Updated: May 26, 2022