For as you can see that our REG Questions And Answers study questions have the advandage of high-quality and high-efficiency. You will get the REG Questions And Answers certification as well if you choose our exam guide. There are so many saving graces to our REG Questions And Answers exam simulation which inspired exam candidates accelerating their review speed and a majority of them even get the desirable outcomes within a week. If you need software versions please do not hesitate to obtain a copy from our customer service staff. If you use the Omgzlook AICPA REG Questions And Answers study materials, you can reduce the time and economic costs of the exam. what a brighter future!
AICPA Certification REG Do not be afraid of making positive changes.
Unlike some irresponsible companies who churn out some REG - CPA Regulation Questions And Answers study guide, we are looking forward to cooperate fervently. Omgzlook will provide all the latest and accurate exam practice questions and answers for the staff to participate in REG Reliable Test Syllabus certification exam. Omgzlook is a professional website to specially provide training tools for IT certification exams and a good choice to help you pass REG Reliable Test Syllabus exam,too.
As far as our REG Questions And Answers study guide is concerned, the PDF version brings you much convenience with regard to the following advantage. The PDF version of our REG Questions And Answers learning materials contain demo where a part of questions selected from the entire version of our REG Questions And Answers exam quiz is contained. In this way, you have a general understanding of our REG Questions And Answers actual prep exam, which must be beneficial for your choice of your suitable exam files.
AICPA REG Questions And Answers - Or you can choose to free update your exam dumps.
With the development of society, the REG Questions And Answers certificate in our career field becomes a necessity for developing the abilities. Passing the REG Questions And Answers and obtaining the certificate may be the fastest and most direct way to change your position and achieve your goal. And we are just right here to give you help. Being considered the most authentic brand in this career, our professional experts are making unremitting efforts to provide our customers the latest and valid {CertName} exam simulation.
You will find some exam techniques about how to pass REG Questions And Answers exam from the exam materials and question-answer analysis provided by our Omgzlook. Besides, to make you be rest assured of our dumps, we provide REG Questions And Answers exam demo for you to free download.
REG PDF DEMO:
QUESTION NO: 1
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: 2
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: 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
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.
But we can help all of these candidates on Axis Communications CTS study questions. EMC D-PCM-DY-23 - The promise of "no help, full refund" is the motivation of our team. So let our Huawei H20-421_V1.0 practice guide to be your learning partner in the course of preparing for the exam, it will be a wise choice for you to choose our Huawei H20-421_V1.0 study dumps. EMC D-ZT-DS-P-23 - To pass this exam also needs a lot of preparation. After nearly ten years' efforts, now our company have become the topnotch one in the field, therefore, if you want to pass the Scrum PSPO-II exam as well as getting the related certification at a great ease, I strongly believe that the Scrum PSPO-II study materials compiled by our company is your solid choice.
Updated: May 26, 2022