If you want to find the best REG Exam Resource study materials, the first thing you need to do is to find a bank of questions that suits you. Our REG Exam Resource learning material is prepared by experts in strict accordance with the exam outline of the REG Exam Resource certification exam, whose main purpose is to help students to pass the exam with the least amount of time and effort. We can claim that if you study with our REG Exam Resource practice engine for 20 to 30 hours, then you will be sure to pass the exam. Experts call them experts, and they must have their advantages. They are professionals in every particular field. Under the situation of intensifying competition in all walks of life, will you choose to remain the same and never change or choose to obtain a REG Exam Resource certification which can increase your competitiveness? I think most of people will choose the latter, because most of the time certificate is a kind of threshold, with REG Exam Resource certification, you may have the opportunity to enter the door of an industry.
AICPA Certification REG Just buy it and you will love it!
Come to study our REG - CPA Regulation Exam Resource learning materials. Once it is time to submit your exercises, the system of the REG Valid Test Cram Sheet preparation exam will automatically finish your operation. After a several time, you will get used to finish your test on time.
Our REG Exam Resource exam materials are famous among candidates. Once they need to prepare an exam, our REG Exam Resource study materials are their first choice. As you know, it is troublesome to get the REG Exam Resourcecertificate.
AICPA REG Exam Resource - But even the best people fail sometimes.
It is not just an easy decision to choose our REG Exam Resource prep guide, because they may bring tremendous impact on your individuals development. Holding a professional certificate means you have paid more time and effort than your colleagues or messmates in your major, and have experienced more tests before succeed. Our REG Exam Resource real questions can offer major help this time. And our REG Exam Resource study braindumps deliver the value of our services. So our REG Exam Resource real questions may help you generate financial reward in the future and provide more chances to make changes with capital for you and are indicative of a higher quality of life.
You really need our REG Exam Resource practice materials which can work as the pass guarantee. Nowadays, the certification has been one of the criteria for many companies to recruit employees.
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.
Instead of focusing on profits, we determined to help every customer harvest desirable outcomes by our EMC D-VXR-OE-23 training materials. If you want to be one of them, please allow me to recommend the HP HPE0-V27 learning questions from our company to you, the superb quality of HP HPE0-V27 exam braindumps we've developed for has successfully helped thousands of candidates to realize their dreams. SAP C-THR70-2404 - Through the trial you will have different learning experience, you will find that what we say is not a lie, and you will immediately fall in love with our products. We believe that if you decide to buy the Juniper JN0-452 study materials from our company, you will pass your exam and get the certification in a more relaxed way than other people. IIA IIA-CIA-Part1 - Just have a try and you will love them!
Updated: May 26, 2022