Our REG Test Pattern exam review contains the latest test questions and accurate answers along with the professional explanations. A little attention to prepare REG Test Pattern practice test will improve your skills to clear exam with high passing score. For most busy IT workers, REG Test Pattern dumps pdf is the best alternative to your time and money to secure the way of success in the IT filed. Let me tell the advandages of using the REG Test Pattern practice engine. First of all, REG Test Pattern exam materials will combine your fragmented time for greater effectiveness, and secondly, you can use the shortest time to pass the exam to get your desired certification. Our REG Test Pattern vce braindumps are the best preparation materials for the certification exam and the guarantee of clearing exam quickly with less effort.
AICPA Certification REG And your life will become better and better.
With REG - CPA Regulation Test Pattern training prep, you only need to spend 20 to 30 hours of practice before you take the REG - CPA Regulation Test Pattern exam. To be recognized as the leading international exam bank in the world through our excellent performance, our CPA Regulation qualification test are being concentrated on for a long time and have accumulated mass resources and experience in designing study materials. There is plenty of skilled and motivated staff to help you obtain the CPA Regulation exam certificate that you are looking forward.
Thousands of people attempt REG Test Pattern exam but majorly fails despite of having good professional experience, because only practice and knowledge isn’t enough a person needs to go through the exam material designed by AICPA, otherwise there is no escape out of reading. Well, you have landed at the right place; Omgzlook offers your experts designed material which will gauge your understanding of various topics. AICPA Certification exams are essential to move ahead, because being certified professional a well-off career would be in your hand.
AICPA REG Test Pattern - So just come and have a try!
We think of providing the best services of REG Test Pattern exam questions as our obligation. So we have patient after-sales staff offering help 24/7 and solve your problems all the way. Those considerate services are thoughtful for your purchase experience and as long as you need us, we will solve your problems. Our staff is suffer-able to your any questions related to our REG Test Pattern test guide. If you get any suspicions, we offer help 24/7 with enthusiasm and patience. Apart from our stupendous REG Test Pattern latest dumps, our after-sales services are also unquestionable. Your decision of the practice materials may affects the results you concerning most right now. Good exam results are not accidents, but the results of careful preparation and high quality and accuracy materials like our REG Test Pattern practice materials.
We offer money back guarantee if anyone fails but that doesn’t happen if one use our REG Test Pattern dumps. These AICPA REG Test Pattern exam dumps are authentic and help you in achieving success.
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.
APMG-International AgileBA-Foundation - Good practice materials like our CPA Regulation study question can educate exam candidates with the most knowledge. So our Salesforce CRT-251 exam prep receives a tremendous ovation in market over twenty years. We believe you will also competent enough to cope with demanding and professorial work with competence with the help of our Microsoft MS-102 exam braindumps. Once you buy the product you can use the convenient method to learn the SAP C-LIXEA-2404 exam torrent at any time and place. You can find the latest version of Amazon DOP-C02 practice guide in our website and you can practice Amazon DOP-C02 study materials in advance correctly and assuredly.
Updated: May 26, 2022