Now we can be the leader in this exam field and have a large number of regular customers from different countries. We are looking forward to your joining in us. our company is determined to help provide the most accurate REG Valid Exam Practice exam questions and help more people get the REG Valid Exam Practice certificate successfully. There will be our customer service agents available 24/7 for your supports; any request for further assistance or information about REG Valid Exam Practice exam torrent will receive our immediate attention. Our REG Valid Exam Practice test prep attaches great importance to a skilled, trained and motivated workforce as well as the company’s overall performance. We are professional at providing best and valid REG Valid Exam Practice exam materials to help the candidates successfully pass their REG Valid Exam Practice exams with ease as well as establish their confidence.
AICPA Certification REG You can directly select our products.
AICPA Certification REG Valid Exam Practice - CPA Regulation And you can free donwload the demos to have a look. With the rapid development of society, people pay more and more attention to knowledge and skills. So every year a large number of people take REG Latest Exam Cram Materials tests to prove their abilities.
Holding a professional certificate means you have paid more time and effort than your colleagues or messmates in your major, and have experienced more tests before succeed. Our REG Valid Exam Practice real questions can offer major help this time. And our REG Valid Exam Practice study braindumps deliver the value of our services.
AICPA REG Valid Exam Practice - Selecting Omgzlook means choosing a success
REG Valid Exam Practice exam dumps allow free trial downloads. You can get the information you want to know through the trial version. After downloading our study materials trial version, you can also easily select the version you like, as well as your favorite REG Valid Exam Practice exam prep, based on which you can make targeted choices. Our study materials want every user to understand the product and be able to really get what they need.
You can free download part of Omgzlook's practice questions and answers about AICPA certification REG Valid Exam Practice exam online, as an attempt to test our quality. As long as you choose to purchase Omgzlook's products, we will do our best to help you pass AICPA certification REG Valid Exam Practice exam disposably.
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.
If you also want to get this certificate to increase your job opportunities, please take a few minutes to see our Microsoft MB-800 training materials. Omgzlook's training product for AICPA certification Amazon DOP-C02 exam includes simulation test and the current examination. With the help of our Nutanix NCP-CI-AWS practice guide, you don't have to search all kinds of data, because our products are enough to meet your needs. Omgzlook is a site that comprehensively understand the AICPA Linux Foundation FOCP exam. Huawei H19-319_V2.0 - Nowadays, online shopping has been greatly developed, but because of the fear of some uncontrollable problems after payment, there are still many people don't trust to buy things online, especially electronic products.
Updated: May 26, 2022