We believe our consummate after-sale service system will make our customers feel the most satisfactory. Our company has designed the perfect after sale service system for these people who buy our REG Exam Guide Files practice materials. We can promise that we will provide you with quality products, reasonable price and professional after sale service on our REG Exam Guide Files learning guide. Our REG Exam Guide Files exam practice questions on the market this recruitment phenomenon, tailored for the user the fast pass the examination method of study, make the need to get a good job have enough leverage to compete with other candidates. The quality of our REG Exam Guide Files learning guide is absolutely superior, which can be reflected from the annual high pass rate. We believe the online version of our REG Exam Guide Filespractice quiz will be very convenient for you.
AICPA Certification REG Our reputation is really good.
And we will give you 100% success guaranteed on the REG - CPA Regulation Exam Guide Files training guide. When you want to correct the answer after you finish learning, the correct answer for our REG Authentic Exam Hub test prep is below each question, and you can correct it based on the answer. In addition, we design small buttons, which can also show or hide the REG Authentic Exam Hub exam torrent, and you can flexibly and freely choose these two modes according to your habit.
Once you choose our learning materials, your dream that you have always been eager to get AICPA certification which can prove your abilities will realized. You will have more competitive advantages than others to find a job that is decent. We are convinced that our REG Exam Guide Files exam questions can help you gain the desired social status and thus embrace success.
Our AICPA REG Exam Guide Files exam questions are your best choice.
According to the survey, the average pass rate of our candidates has reached 99%. High passing rate must be the key factor for choosing, which is also one of the advantages of our REG Exam Guide Files real study dumps. Our REG Exam Guide Files exam questions have been widely acclaimed among our customers, and the good reputation in industry prove that choosing our study materials would be the best way for you, and help you gain the REG Exam Guide Files certification successfully. With about ten years’ research and development we still keep updating our REG Exam Guide Files prep guide, in order to grasp knowledge points in accordance with the exam, thus your study process would targeted and efficient.
And our professional REG Exam Guide Files study materials determine the high pass rate. According to the research statistics, we can confidently tell that 99% candidates after using our products have passed the REG Exam Guide Files 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.
And our Dell D-PWF-DY-A-00 study materials are warmly praised and welcomed by the customers all over the world. According to the research statistics, we can confidently tell that 99% candidates have passed the Microsoft PL-400 exam. Our passing rate of the Huawei H20-423_V1.0 study guide has reached up to 98 to 100 percent up to now, so you cannot miss this opportunity. But our ACAMS CAMS-CN exam questions have made it. If the user finds anything unclear in the EMC D-NWR-DY-23 exam questions exam, we will send email to fix it, and our team will answer all of your questions related to the EMC D-NWR-DY-23 actual exam.
Updated: May 26, 2022