AICPA REG Exam Simulator certification exam is among those popular IT certifications. It is also the dream of ambitious IT professionals. This part of the candidates need to be fully prepared to allow them to get the highest score in the REG Exam Simulator exam, make their own configuration files compatible with market demand. Omgzlook dumps has high hit rate that will help you to pass AICPA REG Exam Simulator test at the first attempt, which is a proven fact. So, the quality of Omgzlook practice test is 100% guarantee and Omgzlook dumps torrent is the most trusted exam materials. Omgzlook's AICPA REG Exam Simulator exam training materials are bring the greatest success rate to all the candicates who want to pass the exam.
AICPA Certification REG We can make you have a financial windfall.
Are you worrying about how to pass AICPA REG - CPA Regulation Exam Simulator test? Now don't need to worry about the problem. The coverage of the products of Omgzlook is very broad. It can be provide convenient for a lot of candidates who participate in IT certification exam.
What we provide for you is the latest and comprehensive REG Exam Simulator exam dumps, the safest purchase guarantee and the immediate update of REG Exam Simulator exam software. Free demo download can make you be rest assured to buy; one-year free update of REG Exam Simulator exam software after payment can assure you during your preparation for the exam. What's more, what make you be rest assured most is that we develop the exam software which will help more candidates get REG Exam Simulator exam certification.
AICPA REG Exam Simulator - The empty promise is not enough.
There is no reason to waste your time on a test. If you feel it is difficult to prepare for AICPA REG Exam Simulator and need spend a lot of time on it, you had better use Omgzlook test dumps which will help you save lots of time. What's more, Omgzlook exam dumps can guarantee 100% pass your exam. There is no better certification training materials than Omgzlook dumps. Instead of wasting your time on preparing for REG Exam Simulator exam, you should use the time to do significant thing. Therefore, hurry to visit Omgzlook to know more details. Miss the opportunity, you will regret it.
REG Exam Simulator PDF file is the common version which many candidates often choose. If you are tired with the screen for study, you can print the REG Exam Simulator pdf dumps into papers.
REG PDF DEMO:
QUESTION NO: 1
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: 2
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: 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
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: 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.
For example like AICPA ISM CORe certification exam, it is a very valuable examination, which must help you realize your wishes. Do you feel anxiety about your coming VMware 5V0-92.22 exam test? Do you want to find the valid and latest material for the VMware 5V0-92.22 actual test? Omgzlook will help you and bring you to the right direction. You can easily download the free demo of Huawei H19-315 brain dumps on our Omgzlook. It is very necessary for candidates to get valid Cisco 350-601 dumps collection because it can save your time and help you get succeed in IT filed by clearing Cisco 350-601 actual test. You just need to effectively review and pass Microsoft PL-500 exam successfully.
Updated: May 26, 2022