First of all, we have the best and most first-class operating system, in addition, we also solemnly assure users that users can receive the information from the REG Exam Dumps Pdf certification guide within 5-10 minutes after their payment. Second, once we have written the latest version of the REG Exam Dumps Pdfcertification guide, our products will send them the latest version of the REG Exam Dumps Pdf test practice question free of charge for one year after the user buys the product. Last but not least, our perfect customer service staff will provide users with the highest quality and satisfaction in the hours. As the feefbacks from our worthy customers praised that our REG Exam Dumps Pdf exam braindumps are having a good quality that the content of our REG Exam Dumps Pdf learning quiz is easy to be understood. About some esoteric points, our experts illustrate with examples for you. Once users have any problems related to the REG Exam Dumps Pdf learning questions, our staff will help solve them as soon as possible.
AICPA Certification REG In fact, you do not need other reference books.
Omgzlook follows the career ethic of providing the first-class REG - CPA Regulation Exam Dumps Pdf practice questions for you. Through the learning materials and exam practice questions and answers provided by Omgzlook, we can ensure you have a successful challenge when you are the first time to participate in the AICPA certification REG Reliable Exam Tutorial exam. Above all, using Omgzlook you do not spend a lot of time and effort to prepare for the exam.
Just come to buy our REG Exam Dumps Pdf learning guide and you will love it. REG Exam Dumps Pdf study materials can expedite your review process, inculcate your knowledge of the exam and last but not the least, speed up your pace of review dramatically. The finicky points can be solved effectively by using our REG Exam Dumps Pdf exam questions.
AICPA REG Exam Dumps Pdf - Most companies think highly of this character.
Nowadays, our learning methods become more and more convenient. Advances in technology allow us to learn freely on mobile devices. However, we understand that some candidates are still more accustomed to the paper, so our REG Exam Dumps Pdf study materials provide customers with a variety of versions to facilitate your learning process: the PDF, Software and APP online. These three versions of our REG Exam Dumps Pdf practice engine can provide you study on all conditions. Come and buy our REG Exam Dumps Pdf exam guide!
We promise that we provide you with best quality REG Exam Dumps Pdf original questions and competitive prices. We offer 100% pass products with excellent service.
REG PDF DEMO:
QUESTION NO: 1
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: 2
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: 3
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: 4
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: 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.
And you can free download the demos of our EMC D-RP-DY-A-24 learning guide on our website, it is easy, fast and convenient. With the help of our online version, you can not only practice our EMC D-PSC-MN-01 exam pdf in any electronic equipment, but also make you feel the atmosphere of EMC D-PSC-MN-01 actual test. And all of the PDF version, online engine and windows software of the EMC D-PST-MN-A-24 study guide will be tested for many times. Our valid SAP C-S4TM-2023 practice questions are created according to the requirement of the certification center based on the real questions. Cisco 300-710 - It is important to review the questions you always choose mistakenly.
Updated: May 26, 2022