More importantly, it is evident to all that the REG Study Plan training materials from our company have a high quality, and we can make sure that the quality of our products will be higher than other study materials in the market. If you want to pass the REG Study Plan exam and get the related certification in the shortest time, choosing the REG Study Plan training materials from our company will be in the best interests of all people. As is known to us, there are best sale and after-sale service of the REG Study Plan certification training dumps all over the world in our company. All the preparation material reflects latest updates in REG Study Plan certification exam pattern. You may now download the REG Study Plan PDF documents in your smart devices and lug it along with you. As is known to us, where there is a will, there is a way.
AICPA Certification REG Their efficiency has far beyond your expectation!
If you try on our REG - CPA Regulation Study Plan exam braindumps, you will be very satisfied with its content and design. The moment you money has been transferred to our account, and our system will send our REG Latest Exam Labstraining dumps to your mail boxes so that you can download REG Latest Exam Labs exam questions directly. It is fast and convenient out of your imagination.
Using our products does not take you too much time but you can get a very high rate of return. Our REG Study Plan quiz guide is of high quality, which mainly reflected in the passing rate. We can promise higher qualification rates for our REG Study Plan exam question than materials of other institutions.
Our AICPA REG Study Plan exam materials can help you realize it.
Briefly speaking, our REG Study Plan training guide gives priority to the quality and service and will bring the clients the brand new experiences and comfortable feelings. For we have engaged in this career for years and we are always trying our best to develope every detail of our REG Study Plan study quiz. With our REG Study Plan exam questions, you will find the exam is just a piece of cake. What are you still hesitating for? Hurry to buy our REG Study Plan learning engine now!
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 REG Study Plan learning prep and can help you pass the exam for sure.
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.
In order to promise the high quality of our IBM S2000-020 exam questions, our company has outstanding technical staff, and has perfect service system after sale. We can claim that once you study with our Cisco 500-490 exam questions for 20 to 30 hours, then you will be albe to pass the exam with confidence. If you decide to buy our CompTIA FC0-U61 study questions, you can get the chance that you will pass your CompTIA FC0-U61 exam and get the certification successfully in a short time. Even newbies will be tricky about this process on the Salesforce Public-Sector-Solutions exam questions. And you can click all three formats of our Network Appliance NS0-404 exam dumps to see.
Updated: May 26, 2022