REG Exam Camp Materials questions and answers are created by our certified senior experts, which can ensure the high quality and high pass rate. In addition, you will have access to the updates of REG Exam Camp Materials study material for one year after the purchase date. If you choose to buy our REG Exam Camp Materials study pdf torrent, it is no need to purchase anything else or attend extra training. But with REG Exam Camp Materials test question, you will not have this problem. All customers who purchased REG Exam Camp Materials study tool can use the learning materials without restrictions, and there is no case of duplicate charges. Getting an authoritative IT certification will make a great difference to your career like REG Exam Camp Materials exam tests.
AICPA Certification REG You won't regret for your wise choice.
AICPA Certification REG Exam Camp Materials - CPA Regulation The use of test preparation exam questions helps them to practice thoroughly. In order to make sure you have answered all questions, we have answer list to help you check. Then you can choose the end button to finish your exercises of the REG Reliable Test Papers study guide.
We promise during the process of installment and payment of our CPA Regulation prep torrent, the security of your computer or cellphone can be guaranteed, which means that you will be not afraid of virus intrusion and personal information leakage. Besides we have the right to protect your email address and not release your details to the 3rd parties. Moreover if you are not willing to continue our REG Exam Camp Materials test braindumps service, we would delete all your information instantly without doubt.
AICPA REG Exam Camp Materials - You cannot always stay in one place.
With many advantages such as immediate download, simulation before the real exam as well as high degree of privacy, our REG Exam Camp Materials actual exam survives all the ordeals throughout its development and remains one of the best choices for those in preparation for REG Exam Camp Materials exam. Many people have gained good grades after using our REG Exam Camp Materials real dumps, so you will also enjoy the good results. Don’t hesitate any more. Time and tide wait for no man. Come and buy our REG Exam Camp Materials exam questions!
The REG Exam Camp Materials certification exam training tools contains the latest studied materials of the exam supplied by IT experts. In the past few years, AICPA certification REG Exam Camp Materials exam has become an influenced computer skills certification 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.
Fortinet FCSS_SOC_AN-7.4 - The world is full of chicanery, but we are honest and professional in this area over ten years. The industrious Omgzlook's IT experts through their own expertise and experience continuously produce the latest AICPA Snowflake DEA-C01 training materials to facilitate IT professionals to pass the AICPA certification Snowflake DEA-C01 exam. As long as you have questions on the ISTQB CTAL-TTA learning braindumps, just contact us! SAP C-ARSUM-2404 - If you fail to pass the exam, Omgzlook will full refund to you. We are determined to give hand to the candidates who want to pass their EMC D-PST-OE-23 exam smoothly and with ease by their first try.
Updated: May 26, 2022