Do you feel aimless and helpless when the REG New Study Notes exam is coming soon? If your answer is absolutely yes, then we would like to suggest you to try our REG New Study Notes training materials, which are high quality and efficiency test tools. Your success is 100% ensured to pass the REG New Study Notes exam and acquire the dreaming certification which will enable you to reach for more opportunities to higher incomes or better enterprises. If you would like to receive REG New Study Notes dumps torrent fast, we can satisfy you too. After your payment you can receive our email including downloading link, account and password on website. Under the help of the real simulation, you can have a good command of key points which are more likely to be tested in the real REG New Study Notes test.
AICPA Certification REG You can copy to your mobile, Ipad or others.
Different from other similar education platforms, the REG - CPA Regulation New Study Notes quiz guide will allocate materials for multi-plate distribution, rather than random accumulation without classification. Our Valid Braindumps REG Free dumps torrent contains everything you want to solve the challenge of real exam. Our Valid Braindumps REG Free free dumps demo will provide you some basic information for the accuracy of our exam materials.
What we attach importance to in the transaction of latest REG New Study Notes quiz prep is for your consideration about high quality and efficient products and time-saving service. We treasure time as all customers do. Therefore, fast delivery is another highlight of our latest REG New Study Notes quiz prep.
AICPA REG New Study Notes - However, you must believe that this is true!
Our REG New Study Notes exam quiz is unlike other exam materials that are available on the market, our REG New Study Notes study dumps specially proposed different versions to allow you to learn not only on paper, but also to use mobile phones to learn. This greatly improves the students' availability of fragmented time. So you can achieve your REG New Study Notes certification easily without disrupting your daily routine. And we will give you 100% success guaranteed on the REG New Study Notes training guide.
In short, you will find the convenience and practicality of our REG New Study Notes quiz guide in the process of learning. We will also continue to innovate and improve functions to provide you with better services.
REG PDF DEMO:
QUESTION NO: 1
Conner purchased 300 shares of Zinco stock for $30,000 in 1980. On May 23, 1994, Conner sold all the
stock to his daughter Alice for $20,000, its then fair market value. Conner realized no other gain or loss
during 1994. On July 26, 1994, Alice sold the 300 shares of Zinco for $25,000.
What amount of the loss from the sale of Zinco stock can Conner deduct in 1994?
A. $0
B. $3,000
C. $5,000
D. $10,000
Answer: A
Explanation
Choice "a" is correct. Even though Conner has a realized loss of $10,000 on this transaction he cannot deduct the loss since it was incurred in a transaction with his daughter, a related party.
Choice "b" is incorrect. $3,000 is the limit on deductible net capital losses. However, Conner cannot deduct this loss, since it was incurred in a transaction with his daughter, a related party.
Choice "c" is incorrect. Conner's realized loss on the sale is $10,000 ( $20,000 proceeds less $30,000 basis). However, Conner cannot deduct this loss, since it was incurred in a transaction with his daughter,
a related party.
Choice "d" is incorrect. $10,000 is Conner's realized loss on the sale. However, Conner cannot deduct this loss, since it was incurred in a transaction with his daughter, a related party.
QUESTION NO: 2
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: 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
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: 5
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.
We are convinced that our CompTIA FC0-U61 exam questions can help you gain the desired social status and thus embrace success. In such a way, you can confirm that you get the convenience and fast from our SAP P_S4FIN_2023 study guide. Our APM APM-PFQ exam questions are your best choice. IAPP CIPT - According to the survey, the average pass rate of our candidates has reached 99%. Our CompTIA CS0-003 learning questions engage our working staff in understanding customers’ diverse and evolving expectations and incorporate that understanding into our strategies, thus you can 100% trust our CompTIA CS0-003 exam engine.
Updated: May 26, 2022