Our training materials, including questions and answers, the pass rate can reach 100%. With Omgzlook AICPA REG Test Camp Materials exam training materials, you can begin your first step forward. When you get the certification of AICPA REG Test Camp Materials exam, the glorious period of your career will start. Our REG Test Camp Materials practice guide well received by the general public for immediately after you have made a purchase for our REG Test Camp Materials exam prep, you can download our REG Test Camp Materials study materials to make preparations for the exams. It is universally acknowledged that time is a key factor in terms of the success of exams. When you are faced with the real exam, you can pass AICPA REG Test Camp Materials test easily.
AICPA Certification REG It is unmarched high as 98% to 100%.
AICPA Certification REG Test Camp Materials - CPA Regulation Too much hesitating will just waste a lot of time. Once you decide to purchase our REG Latest Exam Questions Pdf learning materials, we will also provide you with all-day service. If you have any questions, you can contact our specialists.
Before you try to attend the REG Test Camp Materials practice exam, you need to look for best learning materials to easily understand the key points of REG Test Camp Materials exam prep. There are REG Test Camp Materials real questions available for our candidates with accurate answers and detailed explanations. We are ready to show you the most reliable REG Test Camp Materials pdf vce and the current exam information for your preparation of the test.
AICPA REG Test Camp Materials - It is never too late to learn new things.
We know making progress and getting the certificate of REG Test Camp Materials study materials will be a matter of course with the most professional experts in command of the newest and the most accurate knowledge in it. Our CPA Regulation exam prep has taken up a large part of market. with decided quality to judge from customers' perspective, If you choose the right REG Test Camp Materials practice braindumps, it will be a wise decision. Our behavior has been strictly ethical and responsible to you, which is trust worthy.
REG Test Camp Materials exam questions have a very high hit rate, of course, will have a very high pass rate. Before you select a product, you must have made a comparison of your own pass rates.
REG PDF DEMO:
QUESTION NO: 1
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: 2
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: 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
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: 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.
SAP C_THR82_2405 - The Omgzlook’ AICPA Testing Engine provides an expert help and it is an exclusive offer for those who spend most of their time in searching relevant content in the books. Our SHRM SHRM-SCP practice materials have been well received by the users, mainly reflected in the following advantages. Our experts are not slavish followers who just cut and paste the content into our SAP C_WZADM_2404 practice materials, all SAP C_WZADM_2404 exam questions are elaborately compiled by them. Our IBM C1000-178 real study dumps provide users with comprehensive learning materials, so that users can keep abreast of the progress of The Times. Once you have any questions and doubts about the AICPA exam questions we will provide you with our customer service before or after the sale, you can contact us if you have question or doubt about our exam materials and the professional personnel can help you solve your issue about using Fortinet NSE7_LED-7.0 study materials.
Updated: May 26, 2022