It is all about the superior concrete and precision of our REG Vce Exam Simulator learning quiz that help. Every page and every points of knowledge have been written from professional experts who are proficient in this line who are being accounting for this line over ten years. Come and buy our REG Vce Exam Simulator study guide, you will be benefited from it. Omgzlook try hard to makes REG Vce Exam Simulator exam preparation easy with its several quality features. Our REG Vce Exam Simulator exam dumps come with 100% refund assurance. So our REG Vce Exam Simulator study materials are a good choice for you.
It is better than REG Vce Exam Simulator dumps questions.
AICPA Certification REG Vce Exam Simulator - CPA Regulation You can test your true level through simulated exams. By using these aids you will be able to modify your skills to the required limits. Your Braindumps REG Torrent certification success is just a step away and is secured with 100% money back guarantee.
You give us a trust and we reward you for a better future. With REG Vce Exam Simulator guide torrent, you may only need to spend half of your time that you will need if you didn’t use our products successfully passing a professional qualification exam. In this way, you will have more time to travel, go to parties and even prepare for another exam.
AICPA REG Vce Exam Simulator - So, hurry to take action.
Our windows software and online test engine of the REG Vce Exam Simulator exam questions are suitable for all age groups. At the same time, our operation system is durable and powerful. So you totally can control the REG Vce Exam Simulator study materials flexibly. It is enough to wipe out your doubts now. If you still have suspicions, please directly write your questions and contact our online workers. And we will give you the most professions suggestions on our REG Vce Exam Simulator learning guide.
Many times getting a right method is important and more efficient than spending too much time and money in vain. Our Omgzlook team devote themselves to studying the best methods to help you pass REG Vce Exam Simulator exam certification.
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
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: 3
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: 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.
Now let's take a look at why a worthy product of your choice is our Network Appliance NS0-528 actual exam. Although our Omgzlook cannot reduce the difficulty of CompTIA CV0-003 exam, what we can do is to help you reduce the difficulty of the exam preparation. We are so confident in our Cisco 700-250 study materials because they have their own uniqueness. SAP C-SAC-2402 - While others are surprised at your achievement, you might have found a better job. Network Appliance NS0-014 - However, we believe that with the excellent quality and good reputation of our study materials, we will be able to let users select us in many products.
Updated: May 26, 2022