Here are some features of our REG Test Labs learning guide in our free demos which you can free download, you can understand in detail and make a choice. People always feel fear of the unknown thing and cannot handle themselves with a sudden change. However, our REG Test Labs exam questions can stand by your side. Our REG Test Labs exam training’ developers to stand in the perspective of candidate, fully consider their material basis and actual levels of knowledge, formulated a series of scientific and reasonable learning mode, meet the conditions for each user to tailor their learning materials. What's more, our REG Test Labs guide questions are cheap and cheap, and we buy more and deliver more. You can consult our staff online.
AICPA Certification REG Your exam results will help you prove this!
If you come to visit our website more times, you will buy our REG - CPA Regulation Test Labs practice engine at a more favorable price. Our REG Sure Pass test torrent is of high quality, mainly reflected in the pass rate. As for our REG Sure Pass study tool, we guarantee our learning materials have a higher passing rate than that of other agency.
As to the rapid changes happened in this REG Test Labs exam, experts will fix them and we assure your REG Test Labs exam simulation you are looking at now are the newest version. Materials trends are not always easy to forecast on our study guide, but they have predictable pattern for them by ten-year experience who often accurately predict points of knowledge occurring in next REG Test Labs preparation materials.
AICPA REG Test Labs - And we have become a popular brand in this field.
According to various predispositions of exam candidates, we made three versions of our REG Test Labs study materials for your reference: the PDF, Software and APP online. And the content of them is the same though the displays are different. Untenable materials may waste your time and energy during preparation process. But our REG Test Labs practice braindumps are the leader in the market for ten years. As long as you try our REG Test Labs exam questions, we believe you will fall in love with it.
For many people, it’s no panic passing the REG Test Labs exam in a short time. Luckily enough,as a professional company in the field of REG Test Labs practice questions ,our products will revolutionize the issue.
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.
98 to 100 percent of former exam candidates have achieved their success by the help of our SAP C_ARSUM_2404 practice questions. I believe every candidate wants to buy Huawei H19-308_V4.0 learning bbraindumps that with a high pass rate, because the data show at least two parts of the Huawei H19-308_V4.0 exam guide, the quality and the validity which are the pass guarantee to our candidates. EMC D-PSC-MN-01 - As we all know, time and tide waits for no man. With the high pass rate of our PMI PMO-CP exam questions as 98% to 100% which is unbeatable in the market, we are proud to say that we have helped tens of thousands of our customers achieve their dreams and got their PMI PMO-CP certifications. As we all know, it is difficult to prepare the IBM C1000-176 exam by ourselves.
Updated: May 26, 2022