In addition, the REG Latest Practice Exam Fee exam dumps system from our company can help all customers ward off network intrusion and attacks prevent information leakage, protect user machines network security. If you choose our REG Latest Practice Exam Fee study questions as your study tool, we can promise that we will try our best to enhance the safety guarantees and keep your information from revealing, and your privacy will be protected well. You can rest assured to buy the REG Latest Practice Exam Fee exam dumps from our company. 100% pass by our REG Latest Practice Exam Fee training pdf is our guarantee. The mission of Omgzlook is to make the valid and high quality AICPA test pdf to help you advance your skills and knowledge and get the REG Latest Practice Exam Fee exam certification successfully. For example, it will note that how much time you have used to finish the REG Latest Practice Exam Fee study guide, and how much marks you got for your practice as well as what kind of the questions and answers you are wrong with.
AICPA Certification REG As long as the road is right, success is near.
We can make sure that all employees in our company have wide experience and advanced technologies in designing the REG - CPA Regulation Latest Practice Exam Fee study dump. Using Latest REG Exam Questions Fee 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.
Our REG Latest Practice Exam 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. If you use a trial version of REG Latest Practice Exam Fee training prep, you can find that our study materials have such a high passing rate and so many users support it. After using the trial version, we believe that you will be willing to choose REG Latest Practice Exam Fee exam questions.
AICPA REG Latest Practice Exam Fee - So, act now!
In today’s society, many enterprises require their employees to have a professional REG Latest Practice Exam Fee certification. It is true that related skills serve as common tools frequently used all over the world, so we can realize that how important an REG Latest Practice Exam Fee certification is, also understand the importance of having a good knowledge of it. Passing the REG Latest Practice Exam Fee exam means you might get the chance of higher salary, greater social state and satisfying promotion chance. Once your professional REG Latest Practice Exam Fee ability is acknowledged by authority, you master the rapidly developing information technology. With so many advantages, why don’t you choose our reliable REG Latest Practice Exam Fee actual exam guide, for broader future and better life?
We know the certificate of REG Latest Practice Exam Fee exam guide is useful and your prospective employer wants to see that you can do the job with strong prove, so our REG Latest Practice Exam Fee study materials could be your opportunity. Our REG Latest Practice Exam Fee practice dumps are sensational from the time they are published for the importance of REG Latest Practice Exam Fee exam as well as the efficiency of our REG Latest Practice Exam Fee training engine.
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.
In order to live a better live, people improve themselves by furthering their study, as well as increase their professional Microsoft DP-900-KR skills. Our Microsoft MB-800 training engine can help you effectively pass the exam within a week. You can definitely contact them when getting any questions related with our Appian ACA100 preparation quiz. The language in our Microsoft PL-900-KR test guide is easy to understand that will make any learner without any learning disabilities, whether you are a student or a in-service staff, whether you are a novice or an experienced staff who has abundant experience for many years. Our Network Appliance NS0-516 actual exam comprise of a number of academic questions for your practice, which are interlinked and helpful for your exam.
Updated: May 26, 2022