In order to cater to the different needs of people from different countries in the international market, we have prepared three kinds of versions of our REG Pass4Sure Exam Prep learning questions in this website. And we can assure you that you will get the latest version of our REG Pass4Sure Exam Prep training materials for free from our company in the whole year after payment on REG Pass4Sure Exam Prep practice quiz. Last but not least, we will provide the most considerate after sale service for our customers on our REG Pass4Sure Exam Prep exam dumps. In fact, the users of our REG Pass4Sure Exam Prep exam have won more than that, but a perpetual wealth of life. Elaborately designed and developed REG Pass4Sure Exam Prep test guide as well as good learning support services are the key to assisting our customers to realize their dreams. Our study materials have enough confidence to provide the best REG Pass4Sure Exam Prep exam torrent for your study to pass it.
AICPA Certification REG Join us soon.
Though the content of these three versions of our REG - CPA Regulation Pass4Sure Exam Prep study questions is the same, their displays are totally different. The good news is that according to statistics, under the help of our REG Reliable Test Collection Free learning dumps, the pass rate among our customers has reached as high as 98% to 100%. It is strongly proved that we are professonal in this career and our REG Reliable Test Collection Free exam braindumps are very popular.
This time set your mind at rest with the help of our REG Pass4Sure Exam Prep guide quiz. You are free from any loss but focus on your success of the exam firmly this time. If you choose our nearly perfect REG Pass4Sure Exam Preppractice materials with high quality and accuracy, our REG Pass4Sure Exam Prep training questions can enhance the prospects of victory.
AICPA REG Pass4Sure Exam Prep - So your error can be corrected quickly.
The optimization of REG Pass4Sure Exam Prep training questions is very much in need of your opinion. If you find any problems during use, you can give us feedback. We will give you some benefits as a thank you. You will get a chance to update the system of REG Pass4Sure Exam Prep real exam for free. Of course, we really hope that you can make some good suggestions after using our REG Pass4Sure Exam Prep study materials. We hope to grow with you and help you get more success in your life.
Many students often complain that they cannot purchase counseling materials suitable for themselves. A lot of that stuff was thrown away as soon as it came back.
REG PDF DEMO:
QUESTION NO: 1
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: 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
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: 4
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: 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.
Cisco 300-815 - Our passing rate may be the most attractive factor for you. And our pass rate of the Microsoft PL-300 training engine is high as 98% to 100%, it is the data that proved and tested by our loyal customers. CompTIA DY0-001 - If you are not working hard, you will lose a lot of opportunities! The passing rate is the best test for quality of our Huawei H19-319_V2.0 study materials. ISM CORe exam prep sincerely hopes that you can achieve your goals and realize your dreams.
Updated: May 26, 2022