Our REG Latest Exam Simulator Fee vce dumps offer you the best exam preparation materials which are updated regularly to keep the latest exam requirement. The REG Latest Exam Simulator Fee practice exam is designed and approved by our senior IT experts with their rich professional knowledge. Using REG Latest Exam Simulator Fee real questions will not only help you clear exam with less time and money but also bring you a bright future. After using the trial version, we believe that you will be willing to choose REG Latest Exam Simulator Fee exam questions. Our REG Latest Exam Simulator Fee 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. We are confident about our AICPA REG Latest Exam Simulator Fee braindumps tested by our certified experts who have great reputation in IT certification.
AICPA Certification REG This certification gives us more opportunities.
Our Software version of REG - CPA Regulation Latest Exam Simulator Fee study materials will be your best assistant. In the process of job hunting, we are always asked what are the achievements and what certificates have we obtained? Therefore, we get the test AICPA certification and obtain the qualification certificate to become a quantitative standard, and our REG Valid Soft Simulations learning guide can help you to prove yourself the fastest in a very short period of time. Life is short for each of us, and time is precious to us.
Our online resources and events enable you to focus on learning just what you want on your timeframe. You get access to every REG Latest Exam Simulator Fee exams files and there continuously update our REG Latest Exam Simulator Fee study materials; these exam updates are supplied free of charge to our valued customers. Get the best REG Latest Exam Simulator Fee exam Training; as you study from our exam-files.
AICPA REG Latest Exam Simulator Fee - If you make up your mind, choose us!
When you purchase REG Latest Exam Simulator Fee exam dumps from Omgzlook, you never fail REG Latest Exam Simulator Fee exam ever again. We bring you the best REG Latest Exam Simulator Fee exam preparation dumps which are already tested rigorously for their authenticity. Start downloading your desired REG Latest Exam Simulator Fee exam product without any second thoughts. Our REG Latest Exam Simulator Fee products will make you pass in first attempt with highest scores. We accept the challenge to make you pass REG Latest Exam Simulator Fee exam without seeing failure ever!
Of course, their service attitude is definitely worthy of your praise. I believe that you are willing to chat with a friendly person.
REG PDF DEMO:
QUESTION NO: 1
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: 2
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: 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
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.
QUESTION NO: 5
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.
SAP C_THR87_2405 - Omgzlook trusts in displacing all the qualms before believing us. Thirdly, perfect Dell D-PVMD24-DY-A-00 practice materials like us even provide you the opportunities to own goal, ideal struggle, better work, and create a bright future. Here we would like to introduce our SAP C_ARCON_2404 practice materials for you with our heartfelt sincerity. CIW 1D0-622 - Do you want to choose a lifetime of mediocrity or become better and pursue your dreams? I believe you will have your own pursuit. You can browse through our SAP P-BTPA-2408 certification test preparation materials that introduce real exam scenarios to build your confidence further.
Updated: May 26, 2022