If you worry about your exam, our REG Training Topics exam training dumps will guide you and make you well preparing，you will pass exam without any doubt. How to find a valid exam dumps providers which can elaborate on how to prepare you properly with more appropriate questions to pass REG Training Topics exams? Yes, here is your chance to know us. Our products are just suitable for you. Omgzlook is a website to provide a targeted training for AICPA certification REG Training Topics exam. Omgzlook is also a website which can not only make your expertise to get promoted, but also help you pass AICPA certification REG Training Topics exam for just one time. We arrange the experts to check the update every day, if there is any update about the REG Training Topics pdf vce, the latest information will be added into the REG Training Topics exam dumps, and the useless questions will be remove of it to relief the stress for preparation.
AICPA Certification REG Omgzlook will achieve your dream.
Our dumps collection will save you much time and ensure you get high mark in REG - CPA Regulation Training Topics actual test with less effort. Our questions and answers will not only allow you effortlessly through the exam first time, but also can save your valuable time. Omgzlook AICPA Valid REG Test Dumps exam questions and answers provide you test preparation information with everything you need.
Besides, you can print the REG Training Topics study torrent into papers, which can give a best way to remember the questions. We guarantee full refund for any reason in case of your failure of REG Training Topics test. For all of you, it is necessary to get the AICPA certification to enhance your career path.
AICPA REG Training Topics - And IT certification has become a necessity.
Do you want to double your salary in a short time? Yes, it is not a dream. Our REG Training Topics latest study guide can help you. IT field is becoming competitive; a AICPA certification can help you do that. If you get a certification with our REG Training Topics latest study guide, maybe your career will change. A useful certification will bring you much outstanding advantage when you apply for any jobs about AICPA company or products. Just only dozens of money on REG Training Topics latest study guide will assist you 100% pass exam and 24-hours worm aid service.
Omgzlook is an excellent source of information on IT Certifications. In the Omgzlook, you can find study skills and learning materials for your exam.
REG PDF DEMO:
QUESTION NO: 1
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: 2
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: 3
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: 4
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: 5
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.
Most returned customers said that our Huawei H12-811_V1.0 dumps pdf covers the big part of main content of the certification exam. CompTIA 220-1101 - Omgzlook helped many people taking IT certification exam who thought well of our exam dumps. The efficiency and accuracy of our IBM S2000-024 learning guide will not let you down. Omgzlook AICPA HP HP2-I73 exam dumps are the best reference materials. Although you will take each HP HPE6-A72 online test one at a time - each one builds upon the previous.
Updated: May 26, 2022