Just come to buy our REG New Practice Questions Ebook learning guide and you will love it. REG New Practice Questions Ebook study materials can expedite your review process, inculcate your knowledge of the exam and last but not the least, speed up your pace of review dramatically. The finicky points can be solved effectively by using our REG New Practice Questions Ebook exam questions. If you are still struggling to prepare for passing REG New Practice Questions Ebook certification exam, at this moment Omgzlook can help you solve problem. Omgzlook can provide you training materials with good quality to help you pass the exam, then you will become a good AICPA REG New Practice Questions Ebook certification member. Free demos are understandable and part of the REG New Practice Questions Ebook exam materials as well as the newest information for your practice.
AICPA Certification REG As well as our after-sales services.
Omgzlook's AICPA REG - CPA Regulation New Practice Questions Ebook exam training materials are the necessities of each of candidates who participating in the IT certification. They have built a clear knowledge frame in their minds before they begin to compile the New REG Exam Sample Online actual test guide. It is a long process to compilation.
Do you feel headache looking at so many IT certification exams and so many exam materials? What should you do? Which materials do you choose? If you don't know how to choose, I choose your best exam materials for you. You can choose to attend AICPA REG New Practice Questions Ebook exam which is the most popular in recent. Getting REG New Practice Questions Ebook certificate, you will get great benefits.
AICPA REG New Practice Questions Ebook - So you need to be brave enough to have a try.
Most IT workers prefer to choose our online test engine for their REG New Practice Questions Ebook exam prep because online version is more flexible and convenient. With the help of our online version, you can not only practice our REG New Practice Questions Ebook exam pdf in any electronic equipment, but also make you feel the atmosphere of REG New Practice Questions Ebook actual test. The exam simulation will mark your mistakes and help you play well in REG New Practice Questions Ebook practice test.
And all of the PDF version, online engine and windows software of the REG New Practice Questions Ebook study guide will be tested for many times. Although it is not easy to solve all technology problems, we have excellent experts who never stop trying.
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.
Our team always checked and revised EMC D-ISM-FN-23 dumps pdf to ensure the accuracy of our preparation study materials. Cisco 300-420 - It is important to review the questions you always choose mistakenly. Dear everyone, you can download the SAP C-S4CFI-2402 free demo for a little try. SAP C_S4TM_2023 - The high quality of our products also embodies in its short-time learning. We can guarantee you high passing score once you bought our PDMA NPDP real questions and remember the correct answers.
Updated: May 26, 2022