With our REG Study Materials exam braindumps, you can not only learn the specialized knowledge of this subject to solve the problems on the work, but also you can get the REG Study Materials certification to compete for a higher position. It is time for you to plan your life carefully. After all, you have to make money by yourself. The procedures of buying our REG Study Materials study materials are simple and save the clients’ time. We will send our REG Study Materials exam question in 5-10 minutes after their payment. The society warmly welcomes struggling people.
AICPA Certification REG But this is still not enough.
AICPA Certification REG Study Materials - CPA Regulation The last but not least we have professional groups providing guidance in terms of download and installment remotely. Everyone has their own dreams. What is your dream? Is it a promotion, a raise or so? My dream is to pass the AICPA Latest REG Test Question exam.
Most of the experts have been studying in the professional field for many years and have accumulated much experience in our REG Study Materials practice questions. The high-quality of our REG Study Materials exam questions are praised by tens of thousands of our customers. You may try it!
AICPA REG Study Materials - They can be obtained within five minutes.
If you fail, don't forget to learn your lesson. If you still prepare for your test yourself and fail again and again, it is time for you to choose a valid REG Study Materials study guide; this will be your best method for clearing exam and obtain a certification. Good REG Study Materials study guide will be a shortcut for you to well-directed prepare and practice efficiently, you will avoid do much useless efforts and do something interesting. Omgzlook releases 100% pass-rate REG Study Materials study guide files which guarantee candidates 100% pass exam in the first attempt.
If you like to take notes randomly according to your own habits while studying, we recommend that you use the PDF format of our REG Study Materials study guide. And besides, you can take it with you wherever you go for it is portable and takes no place.
REG PDF DEMO:
QUESTION NO: 1
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: 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
Conner purchased 300 shares of Zinco stock for $30,000 in 1980. On May 23, 1994, Conner sold all the
stock to his daughter Alice for $20,000, its then fair market value. Conner realized no other gain or loss
during 1994. On July 26, 1994, Alice sold the 300 shares of Zinco for $25,000.
What amount of the loss from the sale of Zinco stock can Conner deduct in 1994?
A. $0
B. $3,000
C. $5,000
D. $10,000
Answer: A
Explanation
Choice "a" is correct. Even though Conner has a realized loss of $10,000 on this transaction he cannot deduct the loss since it was incurred in a transaction with his daughter, a related party.
Choice "b" is incorrect. $3,000 is the limit on deductible net capital losses. However, Conner cannot deduct this loss, since it was incurred in a transaction with his daughter, a related party.
Choice "c" is incorrect. Conner's realized loss on the sale is $10,000 ( $20,000 proceeds less $30,000 basis). However, Conner cannot deduct this loss, since it was incurred in a transaction with his daughter,
a related party.
Choice "d" is incorrect. $10,000 is Conner's realized loss on the sale. However, Conner cannot deduct this loss, since it was incurred in a transaction with his daughter, a related party.
QUESTION NO: 4
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: 5
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.
We constantly check the updating of EMC D-XTR-DY-A-24 vce pdf to follow the current exam requirement and you will be allowed to free update your pdf files one-year. We often ask, what is the purpose of learning? Why should we study? Why did you study for ISACA COBIT-Design-and-Implementationexam so long? As many people think that, even if one day we forget the formula for the area of a triangle, we can still live very well, but if it were not for the knowledge of learning ISACA COBIT-Design-and-Implementation exam and try to obtain certification, how can we have the opportunity to good to future life? So, the examination is necessary, only to get the test ISACA COBIT-Design-and-Implementation certification, get a certificate, to prove better us, to pave the way for our future life. Our website aimed to helping you and fully supporting you to pass SAP C_THR86_2405 actual test with high passing score in your first try. If you are willing to try our EMC D-PCR-DY-23 study materials, we believe you will not regret your choice. Now, let’s prepare for the exam test with the Fortinet FCSS_SOC_AN-7.4 training pdf offered by Omgzlook.
Updated: May 26, 2022