Therefore, you can have 100% confidence in our REG Simulated Test exam guide. According to our overall evaluation and research, seldom do we have cases that customers fail the REG Simulated Test exam after using our study materials. But to relieve your doubts about failure in the test, we guarantee you a full refund from our company by virtue of the related proof of your report card. Being respected and gaining a high social status maybe what you always long for. But if you want to achieve that you must own good abilities and profound knowledge in some certain area. All of the content are the absolute same, just in different ways to use.
We believe that you will like our REG Simulated Test exam prep.
Without ambiguous points of questions make you confused, our REG - CPA Regulation Simulated Test practice materials can convey the essence of the content suitable for your exam. Our New Free Study REG Questions learning quiz can relieve you of the issue within limited time. Our website provides excellent New Free Study REG Questions learning guidance, practical questions and answers, and questions for your choice which are your real strength.
If you want to get the REG Simulated Test certification to improve your life, we can tell you there is no better alternative than our REG Simulated Test exam questions. The REG Simulated Test test torrent also offer a variety of learning modes for users to choose from, which can be used for multiple clients of computers and mobile phones to study online, as well as to print and print data for offline consolidation. Our product is affordable and good, if you choose our products, we can promise that our REG Simulated Test exam torrent will not let you down.
AICPA REG Simulated Test - 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 Simulated Test 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 Simulated Test certification, you may have the opportunity to enter the door of an industry. And our REG Simulated Test exam questions will be your best choice to gain the certification.
Our REG Simulated Test exam questions mainly have three versions which are PDF, Software and APP online, and for their different advantafes, you can learn anywhere at any time. And the prices of our REG Simulated Test training engine are reasonable for even students to afford and according to the version that you want to buy.
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
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: 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.
You only take 20 to 30 hours to practice our VMware 1V0-41.20 guide materials and then you can take the exam. And there is no exaggeration that our pass rate for our Axis ANVE study guide is 98% to 100% which is proved and tested by our loyal customers. Our passing rate of ITIL ITIL-DSV study tool is very high and you needn’t worry that you have spent money and energy on them but you gain nothing. Microsoft DP-300-KR - As you can see, our products are absolutely popular in the market. EMC D-PEMX-DY-23 - Action always speaks louder than words.
Updated: May 26, 2022