With the help of our REG Test Papers practice materials, you can successfully pass the actual exam with might redoubled. Our company owns the most popular reputation in this field by providing not only the best ever REG Test Papers study guide but also the most efficient customers’ servers. We can lead you the best and the fastest way to reach for the certification of REG Test Papers exam dumps and achieve your desired higher salary by getting a more important position in the company. I think that for me is nowhere in sight. But to succeed you can have a shortcut, as long as you make the right choice. We have considerate after sales services with genial staff.
AICPA Certification REG It is unmarched high as 98% to 100%.
Our REG - CPA Regulation Test Papers exam dumps PDF can help you prepare casually and pass exam easily. If you have any questions, you can contact our specialists. We will provide you with thoughtful service.
Before you try to attend the REG Test Papers practice exam, you need to look for best learning materials to easily understand the key points of REG Test Papers exam prep. There are REG Test Papers real questions available for our candidates with accurate answers and detailed explanations. We are ready to show you the most reliable REG Test Papers pdf vce and the current exam information for your preparation of the test.
AICPA REG Test Papers - It is so cool even to think about it.
In this highly competitive modern society, everyone needs to improve their knowledge level or ability through various methods so as to obtain a higher social status. Under this circumstance passing REG Test Papers exam becomes a necessary way to improve oneself. And you are lucky to find us for we are the most popular vendor in this career and have a strong strength on providing the best REG Test Papers study materials. And the price of our REG Test Papers practice engine is quite reasonable.
The easy language does not pose any barrier for any learner. The complex portions of the REG Test Papers certification syllabus have been explained with the help of simulations and real-life based instances.
REG PDF DEMO:
QUESTION NO: 1
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: 2
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: 3
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: 4
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: 5
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.
IBM C1000-101-KR - As the old saying goes, skills will never be burden. Now, I am glad to introduce a secret weapon for all of the candidates to pass the exam as well as get the related certification without any more ado-- our CompTIA CAS-004 study braindumps. Maybe you still have doubts about our ATLASSIAN ACP-120 exam braindumps. Our high-quality Huawei H13-211_V3.0} learning guide help the students know how to choose suitable for their own learning method, our Huawei H13-211_V3.0 study materials are a very good option. As is known to us, there are best sale and after-sale service of the Microsoft AZ-104 certification training dumps all over the world in our company.
Updated: May 26, 2022