With passing rate up to 98 percent and above, our REG Valid Test Camp practice materials are highly recommended among exam candidates. So their validity and authority are unquestionable. Our REG Valid Test Camp learning materials are just staring points for exam candidates, and you may meet several challenging tasks or exams in the future about computer knowledge, we can still offer help. In order to pass AICPA certification REG Valid Test Camp exam disposably, you must have a good preparation and a complete knowledge structure. Omgzlook can provide you the resources to meet your need. Our questions and answers are based on the real exam and conform to the popular trend in the industry.
AICPA Certification REG This is a practice test website.
And many of our cutomers use our REG - CPA Regulation Valid Test Camp exam questions as their exam assistant and establish a long cooperation with us. Omgzlook site has a long history of providing AICPA REG Latest Exam Vce Free exam certification training materials. It has been a long time in certified IT industry with well-known position and visibility.
Provided that you lose your exam with our REG Valid Test Camp exam questions unfortunately, you can have full refund or switch other version for free. All the preoccupation based on your needs and all these explain our belief to help you have satisfactory and comfortable purchasing services on the REG Valid Test Camp study guide. We assume all the responsibilities our REG Valid Test Camp simulating practice may bring you foreseeable outcomes and you will not regret for believing in us assuredly.
AICPA REG Valid Test Camp - A bold attempt is half success.
Our CPA Regulation exam questions are designed by a reliable and reputable company and our company has rich experience in doing research about the study materials. We can make sure that all employees in our company have wide experience and advanced technologies in designing the REG Valid Test Camp study dump. So a growing number of the people have used our study materials in the past years, and it has been a generally acknowledged fact that the quality of the REG Valid Test Camp test guide from our company is best in the study materials market. Now we would like to share the advantages of our REG Valid Test Camp study dump to you, we hope you can spend several minutes on reading our introduction; you will benefit a lot from it.
Using REG Valid Test Camp real questions will not only help you clear exam with less time and money but also bring you a bright future. We are looking forward to your join.
REG PDF DEMO:
QUESTION NO: 1
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: 2
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: 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
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: 5
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.
Our Cisco 300-815 study materials can have such a high pass rate, and it is the result of step by step that all members uphold the concept of customer first. These SAP C-THR86-2405 exam pdf offers you a chance to get high passing score in formal test and help you closer to your success. Axis Communications CTS - In the process of development, it also constantly considers the different needs of users. The frequently updated of EMC D-XTR-DY-A-24 latest torrent can ensure you get the newest and latest study material. Microsoft AZ-104-KR - This certification gives us more opportunities.
Updated: May 26, 2022