And our website has already became a famous brand in the market because of our reliable REG New Free Study Questions exam questions. Different from all other bad quality practice materials that cheat you into spending much money on them, our REG New Free Study Questions exam materials are the accumulation of professional knowledge worthy practicing and remembering. All intricate points of our REG New Free Study Questions study guide will not be challenging anymore. Are you still feeling distressed for expensive learning materials? Are you still struggling with complicated and difficult explanations in textbooks? Do you still hesitate in numerous tutorial materials? REG New Free Study Questions study guide can help you to solve all these questions. REG New Free Study Questions certification training is compiled by many experts over many years according to the examination outline of the calendar year and industry trends. For more textual content about practicing exam questions, you can download our products with reasonable prices and get your practice begin within 5 minutes.
AICPA Certification REG Just make your own decisions.
AICPA Certification REG New Free Study Questions - CPA Regulation And you can free donwload the demos to have a look. So every year a large number of people take Reliable REG Test Bootcamp Materials tests to prove their abilities. But even the best people fail sometimes.
Our REG New Free Study Questions real questions can offer major help this time. And our REG New Free Study Questions study braindumps deliver the value of our services. So our REG New Free Study Questions real questions may help you generate financial reward in the future and provide more chances to make changes with capital for you and are indicative of a higher quality of life.
AICPA REG New Free Study Questions - The free demo has three versions.
Never say you can not do it. This is my advice to everyone. Even if you think that you can not pass the demanding AICPA REG New Free Study Questions exam. You can find a quick and convenient training tool to help you. Omgzlook's AICPA REG New Free Study Questions exam training materials is a very good training materials. It can help you to pass the exam successfully. And its price is very reasonable, you will benefit from it. So do not say you can't. If you do not give up, the next second is hope. Quickly grab your hope, itis in the Omgzlook's AICPA REG New Free Study Questions exam training materials.
Where is a will, there is a way. And our REG New Free Study Questions exam questions are the exact way which can help you pass the exam and get the certification with ease.
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
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: 3
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: 4
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: 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.
To pass the exam is difficult but Omgzlook can help you to get AICPA Fortinet FCSS_SASE_AD-23 certification. It has been widely recognized that the SAP C-THR82-2405 exam can better equip us with a newly gained personal skill, which is crucial to individual self-improvement in today’s computer era. EMC D-MSS-DS-23 - What do you know about Omgzlook? Have you ever used Omgzlook exam dumps or heard Omgzlook dumps from the people around you? As professional exam material providers in IT certification exam, Omgzlook is certain the best website you've seen. EXIN SIAMP - They use professional knowledge and experience to provide training materials for people ready to participate in different IT certification exams. Because AICPA Databricks Databricks-Certified-Professional-Data-Engineer certification test is a very important exam, you can begin with passing Databricks Databricks-Certified-Professional-Data-Engineer test.
Updated: May 26, 2022