And our REG Latest Study Guide Ebook study materials always contain the latest exam Q&A. Even though we have already passed many large and small examinations, we are still unconsciously nervous when we face examination papers. REG Latest Study Guide Ebook practice quiz provide you with the most realistic test environment, so that you can adapt in advance so that you can easily deal with formal exams. Users can deeply depend on our CPA Regulation exam dumps when you want to get a qualification. There may be many problems and difficulties you will face, but believe in our CPA Regulation exam dumps if you want to be the next beneficiary, our REG Latest Study Guide Ebook quiz guide is not only superior in price than any other makers in the educational field , but also are distinctly superior in the quality of our products. The characteristic that three versions of REG Latest Study Guide Ebook exam torrent all have is that they have no limit of the number of users, so you don’t encounter failures anytime you want to learn our REG Latest Study Guide Ebook quiz guide.
AICPA Certification REG Time does not wait!
We make REG - CPA Regulation Latest Study Guide Ebook exam prep from exam candidate perspective, and offer high quality practice materials with reasonable prices but various benefits. On one hand, our Exam REG Topic study materials are all the latest and valid exam questions and answers that will bring you the pass guarantee. on the other side, we offer this after-sales service to all our customers to ensure that they have plenty of opportunities to successfully pass their actual exam and finally get their desired certification of Exam REG Topic learning materials.
Once you decide to buy, you will have many benefits like free update lasting one-year and convenient payment mode. We will inform you immediately once there are latest versions of REG Latest Study Guide Ebook test question released. And if you get any questions, please get contact with us, our staff will be online 24/7 to solve your problems all the way.
AICPA REG Latest Study Guide Ebook - They have always been in a trend of advancement.
One of the significant advantages of our REG Latest Study Guide Ebook exam material is that you can spend less time to pass the exam. People are engaged in modern society. So our goal is to achieve the best learning effect in the shortest time. So our REG Latest Study Guide Ebook test prep will not occupy too much time. You might think that it is impossible to memorize well all knowledge. We can tell you that our REG Latest Study Guide Ebook test prep concentrate on systematic study, which means all your study is logic. Why not give us a chance to prove? Our REG Latest Study Guide Ebook guide question dumps will never let you down.
Market is a dynamic place because a number of variables keep changing, so is the practice materials field of the REG Latest Study Guide Ebook practice exam. Our REG Latest Study Guide Ebook exam dumps are indispensable tool to pass it with high quality and low price.
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.
ISC SSCP - You also can send us good suggestions about developing the study material. Dell D-PV-DY-A-00 test question will change your perception. VMware 5V0-31.23 exam prep look forward to meeting you. Tableau TCA-C01 - New trial might change your life greatly. Using Genesys GCX-SCR exam prep is an important step for you to improve your soft power.
Updated: May 26, 2022