The prices of the REG Test Questions exam questions are reasonable and affordable while the quality of them are unmatched high. So with minimum costs you can harvest desirable outcomes more than you can imagine. By using our REG Test Questions training materials you can gain immensely without incurring a large amount of expenditure. We can relieve you of uptight mood and serve as a considerate and responsible company with excellent REG Test Questions exam questions which never shirks responsibility. It is easy to get advancement by our REG Test Questions study materials. Taking full advantage of our REG Test Questions preparation exam and getting to know more about them means higher possibility of it.
AICPA Certification REG Also, the system will deduct the relevant money.
AICPA Certification REG Test Questions - CPA Regulation But if it is too complex, not only can’t we get good results, but also the burden of students' learning process will increase largely. Now, we have launched some popular Valid Test REG Objectives Pdf training prep to meet your demands. And you will find the quality of the Valid Test REG Objectives Pdf learning quiz is the first-class and it is very convenient to download it.
In summary, choose our exam materials will be the best method to defeat the exam. Maybe you are still having trouble with the AICPA REG Test Questions exam; maybe you still don’t know how to choose the REG Test Questions exam materials; maybe you are still hesitant. But now, your search is ended as you have got to the right place where you can catch the finest REG Test Questions exam materials.
AICPA REG Test Questions - Do not be bemused about the exam.
Omgzlook help you to find real AICPA REG Test Questions exam preparation process in a real environment. If you are a beginner, and if you want to improve your professional skills, Omgzlook AICPA REG Test Questions exam braindumps will help you to achieve your desire step by step. If you have any questions about the exam, Omgzlook the AICPA REG Test Questions will help you to solve them. Within a year, we provide free updates. Please pay more attention to our website.
Considering many exam candidates are in a state of anguished mood to prepare for the REG Test Questions exam, our company made three versions of REG Test Questions real exam materials to offer help. All these variants due to our customer-oriented tenets.
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.
HP HPE0-G01 - After you use, you will know that it is really good. IBM C1000-180 - If you feel exam is a headache, don't worry. CompTIA CS0-003 - This training matrial is not only have reasonable price, and will save you a lot of time. The assistance of our SAP C-BW4H-2404 guide question dumps are beyond your imagination. If you are concerned about the test, however, you can choose Omgzlook's AICPA ITIL ITIL-DSV exam training materials.
Updated: May 26, 2022