We provide our customers with the most reliable learning materials about REG Simulator Fee certification exam and the guarantee of pass. We assist you to prepare the key knowledge points of REG Simulator Fee actual test and obtain the up-to-dated exam answers. All REG Simulator Fee test questions offered by us are tested and selected by our senior experts in IT filed, which only need little time to focus on the practice and the preparation. Just look at the comments on the REG Simulator Fee training guide, you will know that how popular they are among the candidates. Our REG Simulator Fee exam braindumps have become a brand that is good enough to stand out in the market. Now, quickly download REG Simulator Fee free demo for try.
AICPA Certification REG Try it now!
But they forgot to answer the other questions, our REG - CPA Regulation Simulator Fee training guide can help you solve this problem and get used to the pace. If you want to get a comprehensive idea about our real Reliable Test REG Objectives Pdf study materials. It is convenient for you to download the free demo, all you need to do is just to find the “Download for free” item, and you will find there are three kinds of versions of Reliable Test REG Objectives Pdf learning guide for you to choose from namely, PDF Version Demo, PC Test Engine and Online Test Engine, you can choose to download any one version of our Reliable Test REG Objectives Pdf exam questions as you like.
They will accurately and quickly provide you with AICPA certification REG Simulator Fee exam materials and timely update AICPA REG Simulator Fee exam certification exam practice questions and answers and binding. Besides, Omgzlook also got a high reputation in many certification industry. The the probability of passing AICPA certification REG Simulator Fee exam is very small, but the reliability of Omgzlook can guarantee you to pass the examination of this probability.
AICPA REG Simulator Fee - It is absolutely trustworthy website.
Our windows software and online test engine of the REG Simulator Fee exam questions are suitable for all age groups. At the same time, our operation system is durable and powerful. So you totally can control the REG Simulator Fee study materials flexibly. It is enough to wipe out your doubts now. If you still have suspicions, please directly write your questions and contact our online workers. And we will give you the most professions suggestions on our REG Simulator Fee learning guide.
From the time when you decide whether to purchase our REG Simulator Fee exam software or not, we have provided you with comprehensive guarantees, including free demo download before buying, payment guarantee in purchase process, one-year free update service after you purchased REG Simulator Fee exam software, and full refund guarantee of dump cost if you fail REG Simulator Fee exam certification, which are all our promises to ensure customer interests. Many times getting a right method is important and more efficient than spending too much time and money in vain.
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
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
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
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.
Secondly, the price of our EMC D-PM-IN-23 learning guide is quite favourable than the other websites'. Although our Omgzlook cannot reduce the difficulty of EMC D-CSF-SC-23 exam, what we can do is to help you reduce the difficulty of the exam preparation. We are so confident in our Microsoft AZ-900-KR study materials because they have their own uniqueness. Google Cloud-Digital-Leader - While others are surprised at your achievement, you might have found a better job. Amazon CLF-C02 - Even if you find that part of it is not for you, you can still choose other types of learning materials in our study materials.
Updated: May 26, 2022