So, you just master the questions and answers in the dumps and it is easy to pass REG Exam Camp Materials test. As one of the most important exam in AICPA certification exam, the certificate of AICPA REG Exam Camp Materials will give you benefits. And you must not miss the opportunity to pass REG Exam Camp Materials test successfully. Considering your practical constraint and academic requirements of the REG Exam Camp Materials exam preparation, you may choose the REG Exam Camp Materials practice materials with following traits. High quality and accuracy with trustworthy reputation; processional experts group specific in this line; considerate after-sales services are having been tested and verified all these years, REG Exam Camp Materials training guide is fully applicable to your needs. Omgzlook AICPA REG Exam Camp Materials practice test dumps can help you pass IT certification exam in a relaxed manner.
AICPA Certification REG There is no point in regretting for the past.
AICPA Certification REG Exam Camp Materials - CPA Regulation If you master all key knowledge points, you get a wonderful score. It is known to us that more and more companies start to pay high attention to the Reliable Exam REG Questions Explanations certification of the candidates. Because these leaders of company have difficulty in having a deep understanding of these candidates, may it is the best and fast way for all leaders to choose the excellent workers for their company by the Reliable Exam REG Questions Explanations certification that the candidates have gained.
We offer you the most accurate REG Exam Camp Materials exam answers that will be your key to pass the certification exam in your first try. There are the best preparation materials for your REG Exam Camp Materials practice test in our website to guarantee your success in a short time. Please totally trust the accuracy of questions and answers.
AICPA REG Exam Camp Materials - And your life will become better and better.
Our REG Exam Camp Materials practice dumps is high quality product revised by hundreds of experts according to the changes in the syllabus and the latest developments in theory and practice, it is focused and well-targeted, so that each student can complete the learning of important content in the shortest time. With REG Exam Camp Materials training prep, you only need to spend 20 to 30 hours of practice before you take the REG Exam Camp Materials exam.
There is plenty of skilled and motivated staff to help you obtain the CPA Regulation exam certificate that you are looking forward. We have faith in our professional team and our REG Exam Camp Materials study tool, and we also wish you trust us wholeheartedly.
REG PDF DEMO:
QUESTION NO: 1
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: 2
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: 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.
EXIN SIAMP - Well, you have landed at the right place; Omgzlook offers your experts designed material which will gauge your understanding of various topics. Our VMware 3V0-31.24 study materials have the high pass rate as 98% to 100%, hope you can use it fully and pass the exam smoothly. We have organized a group of professionals to revise SAP C-THR96-2405 preparation materials, according to the examination status and trend changes in the industry, tailor-made for the candidates. So many exam candidates feel privileged to have our Linux Foundation HFCP practice braindumps. EMC D-SF-A-24 - So just come and have a try!
Updated: May 26, 2022