Our IT elite finally designs the best REG Test Topics exam study materials by collecting the complex questions and analyzing the focal points of the exam over years. Even so, our team still insist to be updated ceaselessly, and during one year after you purchased REG Test Topics exam software, we will immediately inform you once the REG Test Topics exam software has any update. Actually, REG Test Topics exam really make you anxious. In such a way, you will get a leisure study experience as well as a doomed success on your coming REG Test Topics exam. After our unremitting efforts, REG Test Topics learning guide comes in everybody's expectation. Every version of REG Test Topics study materials that we provide to you has its own advantage: the PDF version has no equipment limited, which can be read anywhere; the online version can use on any electronic equipment there is network available; the software version can simulate the real REG Test Topics exam environment to let you have more real feeling to REG Test Topics real exam, besides the software version can be available installed on unlimited number devices.
AICPA Certification REG The first one is downloading efficiency.
With our REG - CPA Regulation Test Topics study materials, all of your study can be completed on your computers because we have developed a kind of software which includes all the knowledge of the exam. We understand your drive of the certificate, so you have a focus already and that is a good start. The sources and content of our REG Related Exams practice dumps are all based on the real REG Related Exams exam.
All REG Test Topics online tests begin somewhere, and that is what the REG Test Topics training course will do for you: create a foundation to build on. Study guides are essentially a detailed REG Test Topics tutorial and are great introductions to new REG Test Topics training courses as you advance. The content is always relevant, and compound again to make you pass your REG Test Topics exams on the first attempt.
AICPA REG Test Topics - You will surely benefit from your correct choice.
Do you often envy the colleagues around you can successfully move to a larger company to achieve the value of life? Are you often wondering why your classmate, who has scores similar to yours, can receive a large company offer after graduation and you are rejected? In fact, what you lack is not hard work nor luck, but REG Test Topics guide question. If you do not have extraordinary wisdom, do not want to spend too much time on learning, but want to reach the pinnacle of life through REG Test Topics exam, then you must have REG Test Topics question torrent.
When you are eager to pass the REG Test Topics real exam and need the most professional and high quality practice material, we are willing to offer help. Our REG Test Topics training prep has been on the top of the industry over 10 years with passing rate up to 98 to 100 percent.
REG PDF DEMO:
QUESTION NO: 1
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: 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
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: 4
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: 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.
We compile Our HP HPE7-M03 preparation questions elaborately and provide the wonderful service to you thus you can get a good learning and preparation for the HP HPE7-M03 exam. Our materials can make you master the best SAP C_ARSOR_2404 questions torrent in the shortest time and save your much time and energy to complete other thing. We are glad to help you get the certification with our best EMC D-PEMX-DY-23 study materials successfully. Not only because the outstanding content of SASInstitute A00-282 real dumps that produced by our professional expert but also for the reason that we have excellent vocational moral to improve our SASInstitute A00-282 learning materials quality. SAP C_S4EWM_2023 - According to free trial downloading, you will know which version is more suitable for you in advance and have a better user experience.
Updated: May 26, 2022