It is more and more important for us to keep pace with the changeable world and improve ourselves for the beautiful life. So the REG Exam Pattern certification has also become more and more important for all people. Because a lot of people long to improve themselves and get the decent job. Luckily, we are going to tell you a good new that the demo of the REG Exam Pattern study materials are easily available in our company. If you buy the study materials from our company, we are glad to offer you with the best demo of our study materials. Whether you are newbie or experienced exam candidates, our REG Exam Pattern study guide will relieve you of tremendous pressure and help you conquer the difficulties with efficiency.
AICPA Certification REG You must make a decision as soon as possible!
AICPA Certification REG Exam Pattern - CPA Regulation If we miss the opportunity, we will accomplish nothing. If you follow the steps of our REG Test Score Report exam questions, you can easily and happily learn and ultimately succeed in the ocean of learning. Next, I will detail the relevant information of our learning materials so that you can have a better understanding of our REG Test Score Report guide training.
Commonly speaking, people like the in-service staff or the students are busy and don’t have enough time to prepare the exam. Learning our CPA Regulation test practice dump can help them save the time and focus their attentions on their major things. The clients can use the shortest time to prepare the exam and the learning only costs 20-30 hours.
AICPA REG Exam Pattern - All in all, learning never stops!
We all have same experiences that some excellent people around us further their study and never stop their pace even though they have done great job in their surrounding environment. So it is of great importance to make yourself competitive as much as possible. Facing the REG Exam Pattern exam this time, your rooted stressful mind of the exam can be eliminated after getting help from our REG Exam Pattern practice materials. Among voluminous practice materials in this market, we highly recommend our REG Exam Pattern study tool for your reference. Their vantages are incomparable and can spare you from strained condition. On the contrary, they serve like stimulants and catalysts which can speed up you efficiency and improve your correction rate of the REG Exam Pattern real questions during your review progress.
As old saying goes, all roads lead to Rome. If you are still looking for your real interests and have no specific plan, our REG Exam Pattern exam questions can be your new challenge.
REG PDF DEMO:
QUESTION NO: 1
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: 2
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: 3
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: 4
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: 5
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.
HP HP2-I58 - We emphasize on customers satisfaction, which benefits both exam candidates and our company equally. Microsoft SC-900 - For it also supports the offline practice. As Microsoft DP-203 exam questions with high prestige and esteem in the market, we hold sturdy faith for you. To ensure a more comfortable experience for users of SAP C-THR95-2405 test material, we offer a thoughtful package. With many years of experience in this line, we not only compile real test content into our EMC D-GAI-F-01 learning quiz, but the newest in to them.
Updated: May 26, 2022