AICPA REG Passing Score Feedback is one of the important certification exams. Omgzlook's experienced IT experts through their extensive experience and professional IT expertise have come up with IT certification exam study materials to help people pass AICPA Certification REG Passing Score Feedback exam successfully. Omgzlook's providing learning materials can not only help you 100% pass the exam, but also provide you a free one-year update service. Before the purchase, the clients can download and try out our REG Passing Score Feedback learning file freely. During the clients use our products they can contact our online customer service staff to consult the problems about our products. Our solution can 100% guarantee you to pass the exam, and also provide you with a one-year free update service.
AICPA Certification REG As you know, life is like the sea.
If you are willing, our REG - CPA Regulation Passing Score Feedback training PDF can give you a good beginning. Our experts made significant contribution to their excellence of the Valid REG Exam Camp Free study materials. So we can say bluntly that our Valid REG Exam Camp Free simulating exam is the best.
We provide our customers with the most reliable learning materials about REG Passing Score Feedback certification exam and the guarantee of pass. We assist you to prepare the key knowledge points of REG Passing Score Feedback actual test and obtain the up-to-dated exam answers. All REG Passing Score Feedback test questions offered by us are tested and selected by our senior experts in IT filed, which only need little time to focus on the practice and the preparation.
Now, quickly download AICPA REG Passing Score Feedback free demo for try.
Being anxious for the REG Passing Score Feedback exam ahead of you? Have a look of our REG Passing Score Feedback training engine please. Presiding over the line of our practice materials over ten years, our experts are proficient as elites who made our REG Passing Score Feedback learning questions, and it is their job to officiate the routines of offering help for you. All points are predominantly related with the exam ahead of you. You will find the exam is a piece of cake with the help of our REG Passing Score Feedback study materials.
You just need 20-30 hours for preparation and feel confident to face the REG Passing Score Feedback actual test. REG Passing Score Feedback questions & answers cover all the key points of the real test.
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.
And so many of our loyal customers have achieved their dreams with the help of our Qlik QSDA2024 exam questions. Immediately after you have made a purchase for our HP HPE7-A01 practice dumps, you can download our HP HPE7-A01 study materials to make preparations. If you have bought the EMC D-PE-OE-23 exam questions before, then you will know that we have free demos for you to download before your purchase. EMC D-PSC-MN-01 - You must use it before the deadline day. By concluding quintessential points into PECB ISO-IEC-27001-Lead-Auditor-KR actual exam, you can pass the exam with the least time while huge progress.
Updated: May 26, 2022