If you are suspicious of our REG Test Camp Free exam questions, you can download the free demo from our official websites. Our REG Test Camp Free training materials have won great success in the market. Tens of thousands of the candidates are learning on our REG Test Camp Free practice engine. To all customers who bought our REG Test Camp Free pdf torrent, all can enjoy one-year free update. We will send you the latest version immediately once we have any updating about this test. Just come and have a try on our REG Test Camp Free study questions!
AICPA Certification REG The first one is downloading efficiency.
With our REG - CPA Regulation Test Camp Free study materials, all of your study can be completed on your computers because we have developed a kind of software which includes all the knowledge of the exam. We understand your drive of the certificate, so you have a focus already and that is a good start. The sources and content of our REG Exam Forum practice dumps are all based on the real REG Exam Forum exam.
All REG Test Camp Free online tests begin somewhere, and that is what the REG Test Camp Free training course will do for you: create a foundation to build on. Study guides are essentially a detailed REG Test Camp Free tutorial and are great introductions to new REG Test Camp Free training courses as you advance. The content is always relevant, and compound again to make you pass your REG Test Camp Free exams on the first attempt.
We believe that you will like our AICPA REG Test Camp Free exam prep.
With three versions of products, our REG Test Camp Free learning questions can satisfy different taste and preference of customers with different use: PDF & Software & APP versions. Without ambiguous points of questions make you confused, our REG Test Camp Free practice materials can convey the essence of the content suitable for your exam. With our REG Test Camp Free exam guide, you will achieve what you are expecting with ease.
Our REG Test Camp Free learning quiz can relieve you of the issue within limited time. Our website provides excellent REG Test Camp Free learning guidance, practical questions and answers, and questions for your choice which are your real strength.
REG PDF DEMO:
QUESTION NO: 1
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: 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
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: 4
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: 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.
Our product is affordable and good, if you choose our products, we can promise that our Microsoft AI-102 exam torrent will not let you down. If you purchase SAP C_THR92_2405 exam questions and review it as required, you will be bound to successfully pass the exam. So please prepare to get striking progress if you can get our Fortinet FCP_FGT_AD-7.4 study guide with following steps for your information. The SAP C_LCNC_2406 exam questions are so scientific and reasonable that you can easily remember everything. If you want to find the best ISC SSCP study materials, the first thing you need to do is to find a bank of questions that suits you.
Updated: May 26, 2022