Do not be afraid of making positive changes. It will add more colors to your life. Our system will automatically deliver the newest version of our REG Practice Exam Online exam questions to your via email after you pay for them. Unlike some irresponsible companies who churn out some REG Practice Exam Online study guide, we are looking forward to cooperate fervently. Our experts have great familiarity with REG Practice Exam Online real exam in this area. Omgzlook will provide all the latest and accurate exam practice questions and answers for the staff to participate in REG Practice Exam Online certification exam.
AICPA Certification REG You can totally relay on us.
AICPA Certification REG Practice Exam Online - CPA Regulation The promise of "no help, full refund" is the motivation of our team. Second, it is convenient for you to read and make notes with our versions of New REG Exam Vce Free exam materials. Last but not least, we will provide considerate on line after sale service for you in twenty four hours a day, seven days a week.
To pass this exam also needs a lot of preparation. The REG Practice Exam Online exam materials provided by Omgzlook are collected and sorted out by experienced team. Now you can have these precious materials.
All AICPA REG Practice Exam Online actual exams are 100 percent assured.
Differ as a result the REG Practice Exam Online questions torrent geared to the needs of the user level, cultural level is uneven, have a plenty of college students in school, have a plenty of work for workers, and even some low education level of people laid off, so in order to adapt to different level differences in users, the REG Practice Exam Online exam questions at the time of writing teaching materials with a special focus on the text information expression, as little as possible the use of crude esoteric jargon, as much as possible by everyone can understand popular words to express some seem esoteric knowledge, so that more users through the REG Practice Exam Online prep guide to know that the main content of qualification examination, stimulate the learning enthusiasm of the user, arouse their interest in learning.
Our veteran professional generalize the most important points of questions easily tested in the REG Practice Exam Online practice exam into our practice questions. Their professional work-skill paid off after our REG Practice Exam Online training materials being acceptable by tens of thousands of exam candidates among the market.
REG PDF DEMO:
QUESTION NO: 1
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: 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
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
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: 5
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.
You can free download the demos which are part of our HP HPE0-V28 exam braindumps, you will find that how good they are for our professionals devote of themselves on compiling and updating the most accurate content of our HP HPE0-V28 exam questions. SAP C-THR82-2405 - They have sublime devotion to their career just like you, and make progress ceaselessly. Nutanix NCP-CI-Azure - The clients can understand the detailed information about our products by visiting the pages of our products on our company’s website. As long as you study with ourSnowflake DEA-C01 learning guide, you will be sure to get your dreaming certification. Even you have no basic knowledge about the HP HPE7-A02 study materials.
Updated: May 26, 2022