So you can master the most important REG Exam Preparation exam torrent in the shortest time and finally pass the exam successfully. Only 20-30 hours are needed for you to learn and prepare our REG Exam Preparation test questions for the exam and you will save your time and energy. No matter you are the students or the in-service staff you are busy in your school learning, your jobs or other important things and can’t spare much time to learn. By by constantly improving our dumps, our strong technical team can finally take proud to tell you that our REG Exam Preparation exam materials will give you unexpected surprises. You can download our free demo to try, and see which version of REG Exam Preparation exam materials are most suitable for you; then you can enjoy your improvement in IT skills that our products bring to you; and the sense of achievement from passing the REG Exam Preparation certification exam. You can free download them to check if it is the exact one that you want.
AICPA Certification REG Some of them can score more than 90%.
Our REG - CPA Regulation Exam Preparation practice materials integrating scientific research of materials, production of high quality REG - CPA Regulation Exam Preparation training engine and considerate after-sales services have help us won a prominent position in the field of materials. If you fail, don't forget to learn your lesson. If you still prepare for your test yourself and fail again and again, it is time for you to choose a valid New REG Mock Test study guide; this will be your best method for clearing exam and obtain a certification.
All exam materials in REG Exam Preparation learning materials contain PDF, APP, and PC formats. They have the same questions and answers but with different using methods. If you like to take notes randomly according to your own habits while studying, we recommend that you use the PDF format of our REG Exam Preparation study guide.
AICPA REG Exam Preparation - God will help those who help themselves.
REG Exam Preparation real dumps revised and updated according to the syllabus changes and all the latest developments in theory and practice, our CPA Regulation real dumps are highly relevant to what you actually need to get through the certifications tests. Moreover they impart you information in the format of REG Exam Preparation questions and answers that is actually the format of your real certification test. Hence not only you get the required knowledge but also find the opportunity to practice real exam scenario.
The only difference is that you harvest a lot of useful knowledge. Do not reject learning new things.
REG PDF DEMO:
QUESTION NO: 1
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: 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
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.
QUESTION NO: 4
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: 5
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.
Discount is being provided to the customer for the entire AICPA ISACA CISA-CN preparation suite. It is also known to us that passing the exam is not an easy thing for many people, so a good study method is very important for a lot of people, in addition, a suitable study tool is equally important, because the good and suitable SAP P-S4FIN-2023 reference guide can help people pass the exam in a relaxed state. I believe that after you try ITIL ITIL-DSV training engine, you will love them. ISACA CISM-CN - Of course, if you choose our study materials, you will have the chance to experience our PDF version. HP HP2-I73 - Omgzlook's experts have simplified the complex concepts and have added examples, simulations and graphs to explain whatever could be difficult for you to understand.
Updated: May 26, 2022