Please select our Omgzlook to achieve good results in order to pass AICPA certification REG Exam Questions Answers exam, and you will not regret doing so. It is worth spending a little money to get so much results. Our Omgzlook can not only give you a good exam preparation, allowing you to pass AICPA certification REG Exam Questions Answers exam, but also provide you with one-year free update service. We have curated new REG Exam Questions Answers questions answers to help you prepare for the exam. It can be your golden ticket to pass the AICPA REG Exam Questions Answers test on the first attempt. AICPA REG Exam Questions Answers certificate is very helpful to your work in the IT industry, which can help promote your position and salary a lot and let your life have more security.
And pass the AICPA REG Exam Questions Answers exam is not easy.
It is universally acknowledged that mock examination is of great significance for those who are preparing for the exam since candidates can find deficiencies of their knowledge as well as their shortcomings in the practice test, so that they can enrich their knowledge before the real REG - CPA Regulation Exam Questions Answers exam. God wants me to be a person who have strength, rather than a good-looking doll. When I chose the IT industry I have proven to God my strength.
Moreover, we have experts to update REG Exam Questions Answers quiz torrent in terms of theories and contents according to the changeable world on a daily basis, which can ensure that you are not falling behind of others by some slight knowledge gaps. Are you still worried about the exam? Don’t worry! Our REG Exam Questions Answers exam torrent can help you overcome this stumbling block during your working or learning process.
AICPA REG Exam Questions Answers - Just be confident to face new challenge!
As we enter into such a competitive world, the hardest part of standing out from the crowd is that your skills are recognized then you will fit into the large and diverse workforce. The REG Exam Questions Answers certification is the best proof of your ability. However, it’s not easy for those work officers who has less free time to prepare such an REG Exam Questions Answers exam. Here comes REG Exam Questions Answers exam materials which contain all of the valid REG Exam Questions Answers study questions. You will never worry about the REG Exam Questions Answers exam.
In the meantime, all your legal rights will be guaranteed after buying our REG Exam Questions Answers study materials. For many years, we have always put our customers in top priority.
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.
So we never stop the pace of offering the best services and Huawei H19-315 practice materials for you. Even the Network Appliance NS0-604 test syllabus is changing every year; our experts still have the ability to master the tendency of the important knowledge as they have been doing research in this career for years. Our SHRM SHRM-SCP study materials provide a promising help for your SHRM SHRM-SCP exam preparation whether newbie or experienced exam candidates are eager to have them. IIA IIA-CIA-Part2-KR - So do not hesitate and hurry to buy our study materials. By analyzing the syllabus and new trend, our Microsoft PL-400 practice engine is totally in line with this exam for your reference.
Updated: May 26, 2022