You can also free online download the part of Omgzlook's AICPA certification REG Exam Dumps Demo exam practice questions and answers as a try. After your understanding of our reliability, I believe you will quickly add Omgzlook's products to your cart. Omgzlook will achieve your dream. Come and check the free demo in our website you won’t regret it. It doesn’t matter if it's your first time to attend REG Exam Dumps Demo practice test or if you are freshman in the IT certification test, our latest REG Exam Dumps Demo dumps guide will boost you confidence to face the challenge. Omgzlook AICPA REG Exam Dumps Demo exam questions and answers provide you test preparation information with everything you need.
AICPA Certification REG And IT certification has become a necessity.
Just only dozens of money on REG - CPA Regulation Exam Dumps Demo latest study guide will assist you 100% pass exam and 24-hours worm aid service. You can rest assured that using our AICPA New REG Test Dumps Pdf exam training materials. With it, you have done fully prepared to meet this exam.
Most returned customers said that our REG Exam Dumps Demo dumps pdf covers the big part of main content of the certification exam. Questions and answers from our REG Exam Dumps Demo free download files are tested by our certified professionals and the accuracy of our questions are 100% guaranteed. Please check the free demo of REG Exam Dumps Demo braindumps before purchased and we will send you the download link of REG Exam Dumps Demo real dumps after payment.
Actually, AICPA REG Exam Dumps Demo exam really make you anxious.
After our unremitting efforts, REG Exam Dumps Demo learning guide comes in everybody's expectation. Our professional experts not only have simplified the content and grasp the key points for our customers, but also recompiled the REG Exam Dumps Demo preparation materials into simple language so that all of our customers can understand easily no matter which countries they are from. In such a way, you will get a leisure study experience as well as a doomed success on your coming REG Exam Dumps Demo exam.
Every version of REG Exam Dumps Demo 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 Exam Dumps Demo exam environment to let you have more real feeling to REG Exam Dumps Demo real exam, besides the software version can be available installed on unlimited number devices.
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.
By passing the exams multiple times on practice test software, you will be able to pass the real SAP C-S4CFI-2402 test in the first attempt. The Microsoft AZ-104 study material provided by Omgzlook can make you enjoy a boost up in your career and help you get the Microsoft AZ-104 certification easily. EMC D-PSC-MN-01 - So the proficiency of our team is unquestionable. You will receive an email attached with the Network Appliance NS0-I01 training dumps within 5-10 minutes after completing purchase. Blue Prism ROM2 - It will be easy for you to find your prepared learning material.
Updated: May 26, 2022