But now, your search is ended as you have got to the right place where you can catch the finest REG Test Voucher exam materials. Here you can answer your doubts; you can easily pass the exam on your first attempt. All applicants who are working on the REG Test Voucher exam are expected to achieve their goals, but there are many ways to prepare for exam. If you can obtain the job qualification REG Test Voucher certificate, which shows you have acquired many skills. In this way, your value is greatly increased in your company. In preparing the REG Test Voucher qualification examination, the REG Test Voucher study materials will provide users with the most important practice materials.
AICPA Certification REG You can directly print it on papers.
AICPA Certification REG Test Voucher - CPA Regulation Our company has authoritative experts and experienced team in related industry. If you use our study materials, you must walk in front of the reference staff that does not use valid REG Examcollection Dumps Torrent real exam. And you will get the according REG Examcollection Dumps Torrent certification more smoothly.
So, they are specified as one of the most successful REG Test Voucher practice materials in the line. They can renew your knowledge with high utility with Favorable prices. So, they are reliably rewarding REG Test Voucher practice materials with high utility value.
AICPA REG Test Voucher - And you can pass the exam successfully.
With the help of REG Test Voucher guide questions, you can conduct targeted review on the topics which to be tested before the exam, and then you no longer have to worry about the problems that you may encounter a question that you are not familiar with during the exam. With REG Test Voucher learning materials, you will not need to purchase any other review materials. Please be assured that with the help of REG Test Voucher learning materials, you will be able to successfully pass the exam.
Now that you choose to work in the IT industry, you must register IT certification test and get the IT certificate which will help you to upgrade yourself. What's more important, you can prove that you have mastered greater skills.
REG PDF DEMO:
QUESTION NO: 1
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: 2
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.
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
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: 5
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.
If you buy our Microsoft AZ-900 learning guide, you will find that the exam is just a piece of cake in front of you. After you use Omgzlook AICPA Scrum SAFe-SASM study guide, you not only can pass the exam at the first attempt, also can master the skills the exam demands. We dare say that our EMC D-ZT-DS-P-23 preparation quiz have enough sincerity to our customers. Omgzlook AICPA Scrum SAFe-SASM questions and answers are a rare material which can help you pass you exam first time. With this purpose, our Microsoft MS-700 learning materials simplify the questions and answers in easy-to-understand language so that each candidate can understand the test information and master it at the first time, and they can pass the test at their first attempt.
Updated: May 26, 2022