Our goal is to help you successfully pass relevant exam in an efficient learning style. Due to the quality and reasonable prices of our REG Reliable Test Cram training materials, our competitiveness has always been a leader in the world. Our REG Reliable Test Cram learning materials have a higher pass rate than other REG Reliable Test Cram training materials, so we are confident to allow you to gain full results. As long as you click into the link of our REG Reliable Test Cram learning engine, you will find that our REG Reliable Test Cram practice quiz are convenient and perfect! Our REG Reliable Test Cram study guide can energize exam candidate as long as you are determined to win. So it is our sincere suggestion that you are supposed to get some high-rank practice materials like our REG Reliable Test Cram study guide.
AICPA Certification REG Your life will be even more exciting.
With all the questons and answers of our REG - CPA Regulation Reliable Test Cram study materials, your success is 100% guaranteed. With our REG Latest Exam Tips study materials, you can have different and pleasure study experience as well as pass REG Latest Exam Tips exam easily. In order to meet the different need from our customers, the experts and professors from our company designed three different versions of our REG Latest Exam Tips exam questions for our customers to choose, including the PDF version, the online version and the software version.
If you decide to buy our REG Reliable Test Cram test guide, the online workers of our company will introduce the different function to you. You will have a deep understanding of the three versions of our REG Reliable Test Cram exam questions. We believe that you will like our products.
AICPA REG Reliable Test Cram - Just be confident to face new challenge!
As we enter into such a competitive world, the hardest part of standing out from the crowd is that your skills are recognized then you will fit into the large and diverse workforce. The REG Reliable Test Cram certification is the best proof of your ability. However, it’s not easy for those work officers who has less free time to prepare such an REG Reliable Test Cram exam. Here comes REG Reliable Test Cram exam materials which contain all of the valid REG Reliable Test Cram study questions. You will never worry about the REG Reliable Test Cram exam.
In the meantime, all your legal rights will be guaranteed after buying our REG Reliable Test Cram study materials. For many years, we have always put our customers in top priority.
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.
So we never stop the pace of offering the best services and Adobe AD0-E121 practice materials for you. Even the Network Appliance NS0-528 test syllabus is changing every year; our experts still have the ability to master the tendency of the important knowledge as they have been doing research in this career for years. Our PDMA NPDP study materials provide a promising help for your PDMA NPDP exam preparation whether newbie or experienced exam candidates are eager to have them. OMG OMG-OCUP2-ADV300 - So do not hesitate and hurry to buy our study materials. By analyzing the syllabus and new trend, our SAP C-BW4H-2404 practice engine is totally in line with this exam for your reference.
Updated: May 26, 2022