Life is full of ups and downs. We cannot predicate what will happen in the future. To avoid being washed out by the artificial intelligence, we must keep absorbing various new knowledge. Although a lot of products are cheap, but the quality is poor, perhaps users have the same concern for our latest REG New Dumps Files exam dump. Here, we solemnly promise to users that our product error rate is zero. Our payment system will automatically delete your payment information once you finish paying money for our REG New Dumps Files exam questions.
AICPA Certification REG You really don't have time to hesitate.
AICPA Certification REG New Dumps Files - CPA Regulation Omgzlook is a wonderful study platform that can transform your effective diligence in to your best rewards. I believe this will also be one of the reasons why you choose our Reliable Study Questions REG Free Download study materials. After you use Reliable Study Questions REG Free Download real exam,you will not encounter any problems with system .
With all this reputation, our company still take customers first, the reason we become successful lies on the professional expert team we possess , who engage themselves in the research and development of our REG New Dumps Files learning guide for many years. So we can guarantee that our REG New Dumps Files exam materials are the best reviewing material. Concentrated all our energies on the study REG New Dumps Files learning guide we never change the goal of helping candidates pass the exam.
AICPA REG New Dumps Files - It is all about efficiency and accuracy.
With the improvement of people’s living standards, there are more and more highly educated people. To defeat other people in the more and more fierce competition, one must demonstrate his extraordinary strength. Today, getting REG New Dumps Files certification has become a trend, and REG New Dumps Files exam dump is the best weapon to help you pass certification. We all know that obtaining the REG New Dumps Files certification is very difficult, and students who want to pass the exam often have to spend a lot of time and energy. After years of hard work, the experts finally developed a set of perfect learning materials REG New Dumps Files practice materials that would allow the students to pass the exam easily. With our study materials, you only need 20-30 hours of study to successfully pass the exam and reach the peak of your career. What are you waiting for? Come and buy it now.
And our website has already became a famous brand in the market because of our reliable REG New Dumps Files exam questions. Different from all other bad quality practice materials that cheat you into spending much money on them, our REG New Dumps Files exam materials are the accumulation of professional knowledge worthy practicing and remembering.
REG PDF DEMO:
QUESTION NO: 1
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: 2
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: 3
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: 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.
Are you still feeling distressed for expensive learning materials? Are you still struggling with complicated and difficult explanations in textbooks? Do you still hesitate in numerous tutorial materials? Huawei H13-511_V5.5 study guide can help you to solve all these questions. Dell D-PDM-A-01 - For more textual content about practicing exam questions, you can download our products with reasonable prices and get your practice begin within 5 minutes. Dell DC0-200 - You can directly select our products. Oracle 1z0-1042-24 - And you can free donwload the demos to have a look. A good choice can make one work twice the result with half the effort, and our IIA IIA-CIA-Part2-KR study materials will be your right choice.
Updated: May 26, 2022