Our REG Exam Dumps Provider training materials are regarded as the most excellent practice materials by authority. Our company is dedicated to researching, manufacturing, selling and service of the REG Exam Dumps Provider study guide. Also, we have our own research center and experts team. There are so many advantages of our REG Exam Dumps Provider actual exam, and you are welcome to have a try! We have put substantial amount of money and effort into upgrading the quality of our REG Exam Dumps Provider preparation materials, into our own REG Exam Dumps Provider sales force and into our after sale services. Time is flying and the exam date is coming along, which is sort of intimidating considering your status of review process.
AICPA Certification REG Do not be afraid of making positive changes.
Unlike some irresponsible companies who churn out some REG - CPA Regulation Exam Dumps Provider study guide, we are looking forward to cooperate fervently. Omgzlook is a professional website to specially provide training tools for IT certification exams and a good choice to help you pass Valid REG Test Blueprint exam,too. Omgzlook provide exam materials about Valid REG Test Blueprint certification exam for you to consolidate learning opportunities.
As far as our REG Exam Dumps Provider study guide is concerned, the PDF version brings you much convenience with regard to the following advantage. The PDF version of our REG Exam Dumps Provider learning materials contain demo where a part of questions selected from the entire version of our REG Exam Dumps Provider exam quiz is contained. In this way, you have a general understanding of our REG Exam Dumps Provider actual prep exam, which must be beneficial for your choice of your suitable exam files.
AICPA REG Exam Dumps Provider - This is really amazing.
Due to continuous efforts of our experts, we have exactly targeted the content of the REG Exam Dumps Provider exam. You will pass the REG Exam Dumps Provider exam after 20 to 30 hours' learning with our REG Exam Dumps Provider study material. If you fail to pass the exam, we will give you a refund. Many users have witnessed the effectiveness of our REG Exam Dumps Provider guide braindumps you surely will become one of them. Try it right now! And we will let you down.
From the view of specialized examination point, it is necessary to teach you tips about the exam. You need to outsmart, and do not give your future the chance of failure.
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
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
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
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.
The learning of our Autodesk ACP-01101 study materials costs you little time and energy and we update them frequently. Scrum SAFe-SASM - We should use the strength to prove ourselves. SAP C-ARSUM-2404 - Many people want to be the competent people which can excel in the job in some area and be skillful in applying the knowledge to the practical working in some industry. VMware 3V0-31.24 - Don't you believe in it? Omgzlook real questions and answers are the materials that it can help you get high marks and pass the certification exam. Saving the precious time users already so, also makes the SASInstitute A00-485 quiz torrent look more rich, powerful strengthened the practicability of the products, to meet the needs of more users, to make the SASInstitute A00-485 test prep stand out in many similar products.
Updated: May 26, 2022