As a wise person, it is better to choose our REG Exam Preparation study material without any doubts. Due to the high quality and REG Exam Preparation accurate questions & answers, many people have passed their actual test with the help of our products. Now, quickly download REG Exam Preparation free demo for try. You will find the exam is a piece of cake with the help of our REG Exam Preparation study materials. Being anxious for the REG Exam Preparation exam ahead of you? Have a look of our REG Exam Preparation training engine please. If the REG Exam Preparation exam is coming and the time is tense, it is better to choose our REG Exam Preparation test engine dumps.
AICPA Certification REG What’s more, our coupon has an expiry date.
Our REG - CPA Regulation Exam Preparation exam braindumps are famous for its advantage of high efficiency and good quality which are carefully complied by the professionals. You are going to find the online version of our Latest Study REG Questions Free exam prep applies to all electronic equipment, including telephone, computer and so on. On the other hand, if you decide to use the online version of our Latest Study REG Questions Free study materials, you don’t need to worry about no network.
Come and buy our REG Exam Preparation study guide, you will be benefited from it. As long as you free download the demos of our REG Exam Preparation exam braindumps, you will be surprised by the high quality. It is all about the superior concrete and precision of our REG Exam Preparation learning quiz that help.
AICPA REG Exam Preparation - So just open our websites in your computer.
As the talent team grows, every fighter must own an extra technical skill to stand out from the crowd. To become more powerful and struggle for a new self, getting a professional REG Exam Preparation certification is the first step beyond all questions. We suggest you choose our REG Exam Preparation test prep ----an exam braindump leader in the field. Since we release the first set of the REG Exam Preparation quiz guide, we have won good response from our customers and until now---a decade later, our products have become more mature and win more recognition. Therefore, for expressing our gratitude towards the masses of candidates’ trust, our REG Exam Preparation exam torrent will also be sold at a discount and many preferential activities are waiting for you.
And we will try our best to satisfy our customers with better quatily and services. Our loyal customers give our REG Exam Preparation exam materials strong support.
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
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
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
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.
How to get the test CIMA CIMAPRO19-CS3-1 certification in a short time, which determines enough qualification certificates to test our learning ability and application level. F5 302 - Many people always are stopped by the difficult questions. If you want to get a comprehensive idea about our real SAP C_LCNC_2406 study materials. The the probability of passing AICPA certification Microsoft MS-700-KR exam is very small, but the reliability of Omgzlook can guarantee you to pass the examination of this probability. Our company can provide the anecdote for you--our Salesforce CRM-Analytics-and-Einstein-Discovery-Consultant study materials.
Updated: May 26, 2022