Our REG Mock Exam study materials must appear at the top of your list. And our REG Mock Exam learning quiz has a 99% pass rate. This is the result of our efforts and the best gift to the user. The Omgzlook’ AICPA Testing Engine provides an expert help and it is an exclusive offer for those who spend most of their time in searching relevant content in the books. It offers demos free of cost in the form of the free REG Mock Exam dumps. In comparison with similar educational products, our training materials are of superior quality and reasonable price, so our company has become the top enterprise in the international market.
Our REG Mock Exam exam materials can help you realize it.
For we have engaged in this career for years and we are always trying our best to develope every detail of our REG - CPA Regulation Mock Exam study quiz. Every page and every points of knowledge have been written from professional experts who are proficient in this line and are being accounting for this line over ten years. And they know every detail about our Latest REG Practice Questions Ebook learning prep and can help you pass the exam for sure.
If you are worry about the coming REG Mock Exam exam, our REG Mock Exam study materials will help you solve your problem. In order to promise the high quality of our REG Mock Exam exam questions, our company has outstanding technical staff, and has perfect service system after sale. More importantly, our good REG Mock Exam guide quiz and perfect after sale service are approbated by our local and international customers.
Now AICPA AICPA REG Mock Exam certification test is very popular.
No matter in the day or on the night, you can consult us the relevant information about our REG Mock Exam preparation exam through the way of chatting online or sending emails. I’m sure our 24-hour online service will not disappoint you as we offer our service 24/7 on our REG Mock Exam study materials. And we will give you the most considerate suggestions on our REG Mock Exam learning guide with all our sincere and warm heart.
So our IT technicians of Omgzlook take more efforts to study REG Mock Exam exam materials. All exam software from Omgzlook is the achievements of more IT elite.
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
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: 3
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: 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.
The clients at home and abroad can both purchase our CheckPoint 156-587 study tool online. Our Omgzlook devote themselves for years to develop the Tableau TDS-C01 exam software to help more people who want to have a better development in IT field to pass Tableau TDS-C01 exam. EMC D-VXR-DS-00 - We believe our perfect service will make you feel comfortable when you are preparing for your exam. We have experienced education technicians and stable first-hand information to provide you with high quality & efficient Amazon SOA-C02-KR training dumps. You can rest assured to buy the Network Appliance NS0-I01 exam dumps from our company.
Updated: May 26, 2022