Also, we will offer good service to add you choose the most suitable REG Test Dumps.Zip practice braindumps since we have three different versions of every exam product. And you can free download the demos of the REG Test Dumps.Zip learning quiz. Usually, the questions of the real exam are almost the same with our REG Test Dumps.Zip exam questions. Our customers can easily access and download the REG Test Dumps.Zip dumps pdf on many electronic devices including computer, laptop and Mac. Online test engine enjoys great reputation among IT workers because it brings you to the atmosphere of REG Test Dumps.Zip real exam and remarks your mistakes. How do you stand out? Obtaining REG Test Dumps.Zip certification is a very good choice.
Our REG Test Dumps.Zip exam materials have plenty of advantages.
The software version of our REG - CPA Regulation Test Dumps.Zip study engine is designed to simulate a real exam situation. As the leader in this career, we have been considered as the most popular exam materials provider. And our Authorized REG Certification practice questions will bring you 100% success on your exam.
It can be said that REG Test Dumps.Zip test guide is the key to help you open your dream door. We have enough confidence in our products, so we can give a 100% refund guarantee to our customers. REG Test Dumps.Zip exam questions promise that if you fail to pass the exam successfully after purchasing our product, we are willing to provide you with a 100% full refund.
AICPA REG Test Dumps.Zip - And the quality of our exam dumps are very high!
In order to survive in the society and realize our own values, learning our REG Test Dumps.Zip practice engine is the best way. Never top improving yourself. The society warmly welcomes struggling people. You will really benefit from your correct choice. Our REG Test Dumps.Zip study materials are ready to help you pass the exam and get the certification. You can certainly get a better life with the certification. Please make a decision quickly. We are waiting for you to purchase our REG Test Dumps.Zip exam questions.
What the certificate main? All kinds of the test REG Test Dumps.Zip certification, prove you through all kinds of qualification certificate, it is not hard to find, more and more people are willing to invest time and effort on the REG Test Dumps.Zip exam guide, because get the test REG Test Dumps.Zip certification is not an easy thing, so, a lot of people are looking for an efficient learning method. And here, fortunately, you have found the REG Test Dumps.Zip exam braindumps, a learning platform that can bring you unexpected experiences.
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.
Netskope NSK101 - The product of Omgzlook not only can 100% guarantee you to pass the exam, but also can provide you a free one-year update service. If you buy our SAP C_DBADM_2404 study questions, you can enjoy the similar real exam environment. Network Appliance NS0-701 - However, you can choose many ways to help you pass the exam. Our SAP P_BTPA_2408 study materials have three versions which are versions of PDF, Software/PC, and APP/Online. You can free download part of Omgzlook's exercises and answers about AICPA certification EMC D-PSC-DY-23 exam as a try, then you will be more confident to choose our Omgzlook's products to prepare your AICPA certification EMC D-PSC-DY-23 exam.
Updated: May 26, 2022