In order to help all customers gain the newest information about the REG Exam Simulator exam, the experts and professors from our company designed the best CPA Regulation test guide. The experts will update the system every day. If there is new information about the exam, you will receive an email about the newest information about the REG Exam Simulator learning dumps. With our REG Exam Simulator exam questions, you will easily get the favor of executives and successfully enter the gates of famous companies. You will have higher wages and a better development platform. Our REG Exam Simulator study guide design three different versions for all customers.
AICPA Certification REG Now they have a better life.
Our REG - CPA Regulation Exam Simulator preparation exam have taken this into account, so in order to save our customer’s precious time, the experts in our company did everything they could to prepare our REG - CPA Regulation Exam Simulator study materials for those who need to improve themselves quickly in a short time to pass the exam to get the REG - CPA Regulation Exam Simulator certification. Our Reliable REG Exam Guide Materials study tool prepared by our company has now been selected as the secret weapons of customers who wish to pass the exam and obtain relevant certification. If you are agonizing about how to pass the exam and to get the AICPA certificate, now you can try our learning materials.
The clients can use the shortest time to prepare the exam and the learning only costs 20-30 hours. The questions and answers of our REG Exam Simulator exam questions are refined and have simplified the most important information so as to let the clients use little time to learn. The client only need to spare 1-2 hours to learn our CPA Regulation study question each day or learn them in the weekends.
AICPA REG Exam Simulator - In the end, you will become an excellent talent.
However, when asked whether the REG Exam Simulator latest dumps are reliable, costumers may be confused. For us, we strongly recommend the REG Exam Simulator exam questions compiled by our company, here goes the reason. On one hand, our REG Exam Simulator test material owns the best quality. When it comes to the study materials selling in the market, qualities are patchy. But our AICPA test material has been recognized by multitude of customers, which possess of the top-class quality, can help you pass exam successfully. On the other hand, our REG Exam Simulator latest dumps are designed by the most experienced experts, thus it can not only teach you knowledge, but also show you the method of learning in the most brief and efficient ways.
On the one hand, you can elevate your working skills after finishing learning our REG Exam Simulator study materials. On the other hand, you will have the chance to pass the exam and obtain the REG Exam Simulatorcertificate, which can aid your daily work and get promotion.
REG PDF DEMO:
QUESTION NO: 1
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: 2
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: 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
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: 5
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.
Facing the Microsoft AZ-801 exam this time, your rooted stressful mind of the exam can be eliminated after getting help from our Microsoft AZ-801 practice materials. Fortinet FCSS_ADA_AR-6.7 - Now, people are blundering. To satisfy the goals of exam candidates, we created the high quality and high accuracy Microsoft SC-200 real materials for you. Once you purchase our windows software of the HP HPE0-G01 training engine, you can enjoy unrestricted downloading and installation of our HP HPE0-G01 study guide. We are sure you can seep great deal of knowledge from our IBM C1000-065 study prep in preference to other materials obviously.
Updated: May 26, 2022