Combined with your specific situation and the characteristics of our REG Free Download exam questions, our professional services will recommend the most suitable version of REG Free Download study materials for you. We introduce a free trial version of the REG Free Download learning guide because we want users to see our sincerity. REG Free Download exam prep sincerely hopes that you can achieve your goals and realize your dreams. We always strictly claim for our REG Free Download study materials must be the latest version, to keep our study materials up to date, we constantly review and revise them to be at par with the latest AICPA syllabus for REG Free Download exam. This feature has been enjoyed by over 80,000 takes whose choose our study materials. Don't worry about channels to the best REG Free Download study materials so many exam candidates admire our generosity of offering help for them.
AICPA Certification REG Now IT industry is more and more competitive.
Just come to buy our REG - CPA Regulation Free Download learning guide and you will love it. If you are still struggling to prepare for passing REG New Dumps Pdf certification exam, at this moment Omgzlook can help you solve problem. Omgzlook can provide you training materials with good quality to help you pass the exam, then you will become a good AICPA REG New Dumps Pdf certification member.
Free demos are understandable and part of the REG Free Download exam materials as well as the newest information for your practice. And because that our REG Free Download study guide has three versions: the PDF, Software and APP online. So accordingly, we offer three versions of free demos for you to download.
It contains AICPA AICPA REG Free Download exam questions and answers.
Students are worried about whether the REG Free Download practice materials they have purchased can help them pass the exam and obtain a certificate. They often encounter situations in which the materials do not match the contents of the exam that make them waste a lot of time and effort. But with REG Free Download exam dump, you do not need to worry about similar problems. Because our study material is prepared strictly according to the exam outline by industry experts, whose purpose is to help students pass the exam smoothly. As the authoritative provider of REG Free Download test guide, we always pursue high passing rates compared with our peers to gain more attention from potential customers. In order to gain the trust of new customers, REG Free Download practice materials provide 100% pass rate guarantee for all purchasers. We have full confidence that you can successfully pass the exam as long as you practice according to the content provided by REG Free Download exam dump. Of course, if you fail to pass the exam, we will give you a 100% full refund.
Omgzlook's AICPA REG Free Download exam training materials is no other sites in the world can match. Of course, this is not only the problem of quality, it goes without saying that our quality is certainly the best.
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.
CWNP CWAP-404 - Though the content is the same, but their displays are totally different and functionable. Pegasystems PEGACPBA88V1 - In order to prevent your life from regret and remorse, you should seize every opportunity which can change lives passibly. We provide our Palo Alto Networks PCNSC exam braindumps on the superior quality and being confident that they will help you expand your horizon of knowledge of the exam. Google Professional-Machine-Learning-Engineer - Not every training materials on the Internet have such high quality. Fortinet FCP_FML_AD-7.4 - It is a long process to compilation.
Updated: May 26, 2022