Today's era is a time of fierce competition. Our REG Test Pdf exam question can make you stand out in the competition. Why is that? The answer is that you get the certificate. Don't you think it is quite amazing? Just come and have a try! You may find that there are a lot of buttons on the website which are the links to the information that you want to know about our REG Test Pdf exam braindumps. You can think about whether these advantages are what you need!
AICPA Certification REG We have always advocated customer first.
As for our REG - CPA Regulation Test Pdf exam braindump, our company masters the core technology, owns the independent intellectual property rights and strong market competitiveness. As you know, we are now facing very great competitive pressure. We need to have more strength to get what we want, and Latest REG Exam Lab Questions exam dumps may give you these things.
In order to save you a lot of installation troubles, we have carried out the online engine of the REG Test Pdf latest exam guide which does not need to download and install. This kind of learning method is convenient and suitable for quick pace of life. But you must have a browser on your device.
AICPA REG Test Pdf - It is useless if you do not prepare well.
Annual test syllabus is essential to predicate the real REG Test Pdf questions. So you must have a whole understanding of the test syllabus. After all, you do not know the REG Test Pdf exam clearly. It must be difficult for you to prepare the REG Test Pdf exam. Then our study materials can give you some guidance. All questions on our REG Test Pdf study materials are strictly in accordance with the knowledge points on newest test syllabus. Also, our experts are capable of predicating the difficult knowledge parts of the REG Test Pdf exam according to the test syllabus. We have tried our best to simply the difficult questions. In order to help you memorize the REG Test Pdf study materials better, we have detailed explanations of the difficult questions such as illustration, charts and referring website. Every year some knowledge is reoccurring over and over. You must ensure that you master them completely.
And our REG Test Pdf practice engine will be your best friend to help you succeed. Now, our REG Test Pdf study questions are in short supply in the market.
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.
When you try our part of AICPA certification SAP C_ARCIG_2404 exam practice questions and answers, you can make a choice to our Omgzlook. Now Omgzlook provide you a effective method to pass AICPA certification NAHQ CPHQ exam. NAHQ CPHQ - Selecting Omgzlook, you will be an IT talent. Now you can free download part of practice questions and answers of AICPA certification CIW 1D0-720 exam on Omgzlook. People who have got AICPA SASInstitute A00-470 certification often have much higher salary than counterparts who don't have the certificate.
Updated: May 26, 2022