With our test-oriented REG Test Fee test prep in hand, we guarantee that you can pass the REG Test Fee exam as easy as blowing away the dust, as long as you guarantee 20 to 30 hours practice with our REG Test Fee study materials. The reason why we are so confident lies in the sophisticated expert group and technical team we have, which do duty for our solid support. They develop the REG Test Fee exam guide targeted to real exam. If you choose the PDF version, you can download our study material and print it for studying everywhere. With our software version of REG Test Fee exam material, you can practice in an environment just like the real examination. And they also fully analyzed your needs of REG Test Fee exam dumps all the time.
AICPA Certification REG No company in the field can surpass us.
With high-quality REG - CPA Regulation Test Fee guide materials and flexible choices of learning mode, they would bring about the convenience and easiness for you. Because, after all, Latest Study Guide REG Files is a very important certified exam of AICPA. But Latest Study Guide REG Files exam is not so simple.
So their validity and authority are unquestionable. Our REG Test Fee learning materials are just staring points for exam candidates, and you may meet several challenging tasks or exams in the future about computer knowledge, we can still offer help. Need any help, please contact with us again!
Now AICPA AICPA REG Test Fee certification test is very popular.
No matter in the day or on the night, you can consult us the relevant information about our REG Test Fee preparation exam through the way of chatting online or sending emails. I’m sure our 24-hour online service will not disappoint you as we offer our service 24/7 on our REG Test Fee study materials. And we will give you the most considerate suggestions on our REG Test Fee learning guide with all our sincere and warm heart.
So our IT technicians of Omgzlook take more efforts to study REG Test Fee exam materials. All exam software from Omgzlook is the achievements of more IT elite.
REG PDF DEMO:
QUESTION NO: 1
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: 2
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: 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
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.
EMC D-PDC-DY-23 - Our brand enjoys world-wide fame and influences so many clients at home and abroad choose to buy our CPA Regulation guide dump. Our Omgzlook devote themselves for years to develop the ISC SSCP exam software to help more people who want to have a better development in IT field to pass ISC SSCP exam. Huawei H20-423_V1.0 - We believe our perfect service will make you feel comfortable when you are preparing for your exam. We have experienced education technicians and stable first-hand information to provide you with high quality & efficient SAP C-TS4FI-2023 training dumps. You can rest assured to buy the Dell D-PV-DY-A-00 exam dumps from our company.
Updated: May 26, 2022