Come on! Do you want to get a better job or a higher income? If the answer is yes, then you should buy our REG Test Cram Sheet exam questions for our REG Test Cram Sheet study materials can help you get what you want. Go against the water and retreat if you fail to enter. And we can be very proud to tell you that the passing rate of our REG Test Cram Sheet Exam Questions is almost 100%. That is to say, as long as you choose our study materials and carefully review according to its content, passing the REG Test Cram Sheet exam is a piece of cake. We introduce a free trial version of the REG Test Cram Sheet learning guide because we want users to see our sincerity.
Also, you can begin to prepare the REG Test Cram Sheet exam.
Because we endorse customers’ opinions and drive of passing the REG - CPA Regulation Test Cram Sheet certificate, so we are willing to offer help with full-strength. In our Omgzlook you can get the related AICPA REG Testing Center exam certification training tools. Our Omgzlook IT experts team will timely provide you the accurate and detailed training materials about AICPA certification REG Testing Center exam.
The finicky points can be solved effectively by using our REG Test Cram Sheet exam questions. With a high pass rate as 98% to 100% in this career, we have been the leader in this market and helped tens of thousands of our loyal customers pass the exams successfully. Just come to buy our REG Test Cram Sheet learning guide and you will love it.
We can help you pass the AICPA AICPA REG Test Cram Sheet exam smoothly.
Our REG Test Cram Sheet practice questions enjoy great popularity in this line. We provide our REG Test Cram Sheet exam braindumps on the superior quality and being confident that they will help you expand your horizon of knowledge of the exam. They are time-tested REG Test Cram Sheet learning materials, so they are classic. As well as our after-sales services. And we can always give you the most professional services on our REG Test Cram Sheet training guide.
Omgzlook's AICPA REG Test Cram Sheet exam training materials are the necessities of each of candidates who participating in the IT certification. With this training material, you can do a full exam preparation.
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.
Microsoft AZ-120 - Stop hesitation! Getting SAP C-BW4H-2404 certificate, you will get great benefits. All consumers who are interested in SAP C-ARCIG-2404 guide materials can download our free trial database at any time by visiting our platform. Splunk SPLK-1003 - What's more, Omgzlook provides you with the most excellent service. The immediate downloading feature of our EMC D-PVM-DS-23 certification guide is an eminent advantage of our products.
Updated: May 26, 2022