You may be constrained by a number of factors like lack of processional skills, time or money to deal with the practice exam ahead of you. While our REG Reliable New Exam Format study materials can help you eliminate all those worries one by one. To take a good control of your life, this REG Reliable New Exam Format exam is valuable with high recognition certificate. The clients can consult our online customer staff about how to refund, when will the money be returned backed to them and if they can get the full refund or they can send us mails to consult these issues. Generally speaking, the clients will pass the test if they have finished learning our REG Reliable New Exam Format test guide with no doubts. In a word, you have nothing to worry about with our REG Reliable New Exam Format study guide.
AICPA Certification REG Nowadays, it is hard to find a desirable job.
AICPA Certification REG Reliable New Exam Format - CPA Regulation It is more and more important for us to keep pace with the changeable world and improve ourselves for the beautiful life. Luckily, we are going to tell you a good new that the demo of the Sample REG Exam study materials are easily available in our company. If you buy the study materials from our company, we are glad to offer you with the best demo of our study materials.
Whether you are newbie or experienced exam candidates, our REG Reliable New Exam Format study guide will relieve you of tremendous pressure and help you conquer the difficulties with efficiency. If you study with our REG Reliable New Exam Format practice engine for 20 to 30 hours, we can claim that you can pass the exam as easy as a pie. Why not have a try?
AICPA REG Reliable New Exam Format - For it also supports the offline practice.
We are sure you can seep great deal of knowledge from our REG Reliable New Exam Format study prep in preference to other materials obviously. Our REG Reliable New Exam Format practice materials have variant kinds including PDF, app and software versions. As REG Reliable New Exam Format exam questions with high prestige and esteem in the market, we hold sturdy faith for you. And you will find that our REG Reliable New Exam Format learning quiz is quite popular among the candidates all over the world.
To ensure a more comfortable experience for users of REG Reliable New Exam Format test material, we offer a thoughtful package. Not only do we offer free demo services before purchase, we also provide three learning modes for users.
REG PDF DEMO:
QUESTION NO: 1
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: 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
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.
As the captioned description said, our IIA IIA-CIA-Part1 practice materials are filled with the newest points of knowledge about the exam. Second, once we have written the latest version of the Salesforce Salesforce-MuleSoft-Developer-Icertification guide, our products will send them the latest version of the Salesforce Salesforce-MuleSoft-Developer-I test practice question free of charge for one year after the user buys the product. Our Amazon SOA-C02 learning quiz is the accumulation of professional knowledge worthy practicing and remembering, so you will not regret choosing our Amazon SOA-C02 study guide. Once users have any problems related to the SAP C_C4H620_34 learning questions, our staff will help solve them as soon as possible. You must be curious about your exercises after submitting to the system of our IIA IIA-CIA-Part1-KR study materials.
Updated: May 26, 2022