So our REG Latest Dumps Filespractice materials have great brand awareness in the market. They can offer systematic review of necessary knowledge and frequent-tested points of the REG Latest Dumps Files learning materials. You cam familiarize yourself with our REG Latest Dumps Files practice materials and their contents in a short time. The promotion or acceptance of our REG Latest Dumps Files exam questions will be easy. So it is quite rewarding investment. Our REG Latest Dumps Files study questions have simplified the complicated notions and add the instances, the stimulation and the diagrams to explain any hard-to-explain contents.
AICPA Certification REG Our company is rated as outstanding enterprise.
Therefore, with our REG - CPA Regulation Latest Dumps Files study materials, you can easily find the key content of the exam and review it in a targeted manner so that you can successfully pass the REG - CPA Regulation Latest Dumps Files exam. So people are different from the past. Learning has become popular among different age groups.
So please feel free to contact us if you have any trouble on our REG Latest Dumps Files practice questions. We offer 24 - hour, 365 – day online customer service to every user on our REG Latest Dumps Files study materials. Our service staff will help you solve the problem about the REG Latest Dumps Files training materials with the most professional knowledge and enthusiasm.
AICPA REG Latest Dumps Files - They compile each answer and question carefully.
Omgzlook is a website which is able to speed up your passing the AICPA certification REG Latest Dumps Files exams. Our AICPA certification REG Latest Dumps Files exam question bank is produced by Omgzlook's experts's continuously research of outline and previous exam. When you are still struggling to prepare for passing the AICPA certification REG Latest Dumps Files exams, please choose Omgzlook's latest AICPA certification REG Latest Dumps Files exam question bank, and it will brings you a lot of help.
In order to meet the demands of all people, these excellent experts and professors from our company have been working day and night. They tried their best to design the best REG Latest Dumps Files certification training dumps from our company for all people.
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.
EMC D-SF-A-24 - Omgzlook provide a good after-sales service for all customers. If you do not receive our Splunk SPLK-5002 study materials, please contact our online workers. Omgzlook has more than 10 years experience in IT certification Lpi 102-500 exam training, including questions and answers. Microsoft MS-721 - So you can have wide choices. SAP C-S4CFI-2402 - With high quality training materials by Omgzlook provided, you will certainly pass the exam.
Updated: May 26, 2022