So your personal effort is brilliant but insufficient to pass the CPA Regulation exam and our REG Valid Dumps Pdf test guide can facilitate the process smoothly & successfully. Our CPA Regulation practice materials are successful by ensuring that what we delivered is valuable and in line with the syllabus of this exam. And our REG Valid Dumps Pdf test guide benefit exam candidates by improving their ability of coping the exam in two ways, first one is their basic knowledge of it. Each IT certification exam candidate know this certification related to the major shift in their lives. Certification exam training materials Omgzlook provided with ultra-low price and high quality immersive questions and answersdedication to the majority of candidates. All knowledge is based on the real exam by the help of experts.
AICPA Certification REG They believe and rely on us.
AICPA Certification REG Valid Dumps Pdf - CPA Regulation Though the content is the same, but their displays are totally different and functionable. In order to prevent your life from regret and remorse, you should seize every opportunity which can change lives passibly. Did you do it? Omgzlook's AICPA REG Valid Exam Testking exam training materials can help you to achieve your success.
As well as our after-sales services. And we can always give you the most professional services on our REG Valid Dumps Pdf training guide. Our REG Valid Dumps Pdf practice questions enjoy great popularity in this line.
AICPA REG Valid Dumps Pdf - So you need to be brave enough to have a try.
Most IT workers prefer to choose our online test engine for their REG Valid Dumps Pdf exam prep because online version is more flexible and convenient. With the help of our online version, you can not only practice our REG Valid Dumps Pdf exam pdf in any electronic equipment, but also make you feel the atmosphere of REG Valid Dumps Pdf actual test. The exam simulation will mark your mistakes and help you play well in REG Valid Dumps Pdf practice test.
And all of the PDF version, online engine and windows software of the REG Valid Dumps Pdf study guide will be tested for many times. Although it is not easy to solve all technology problems, we have excellent experts who never stop trying.
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 valid Splunk SPLK-5001 practice questions are created according to the requirement of the certification center based on the real questions. EXIN SIAMP - As for our study materials, we have prepared abundant exercises for you to do. Dear everyone, you can download the EMC D-PDD-OE-23 free demo for a little try. Juniper JN0-1103 - The high quality of our products also embodies in its short-time learning. The test engine is more efficient way for anyone to practice our SASInstitute A00-485 exam pdf and get used to the atmosphere of the formal test.
Updated: May 26, 2022