They are revised and updated according to the change of the syllabus and the latest development situation in the theory and practice. The language is easy to be understood to make any learners have no learning obstacles and our REG Reliable Real Test Question study questions are suitable for any learners. The software boosts varied self-learning and self-assessment functions to check the results of the learning. Our REG Reliable Real Test Question learning materials not only provide you with information, but also for you to develop the most suitable for your learning schedule, this is tailor-made for you, according to the timetable to study and review. I believe you can improve efficiency. You will figure out this is great opportunity for you.
Our REG Reliable Real Test Question study materials are designed carefully.
Our service staff will help you solve the problem about the REG - CPA Regulation Reliable Real Test Question training materials with the most professional knowledge and enthusiasm. The immediate downloading feature of our Best Quality REG study materials is an eminent advantage of our products. Once the pay is done, our customers will receive an e-mail from our company.
Our REG Reliable Real Test Question exam quiz is so popular not only for the high quality, but also for the high efficiency services provided which owns to the efforts of all our staffs. First of all, if you are not sure about the REG Reliable Real Test Question exam, the online service will find the most accurate and all-sided information for you, so that you can know what is going on about all about the exam and make your decision to buy REG Reliable Real Test Question study guide or not.
AICPA REG Reliable Real Test Question - They compile each answer and question carefully.
Omgzlook is a website which is able to speed up your passing the AICPA certification REG Reliable Real Test Question exams. Our AICPA certification REG Reliable Real Test Question exam question bank is produced by Omgzlook's experts's continuously research of outline and previous exam. When you are still struggling to prepare for passing the AICPA certification REG Reliable Real Test Question exams, please choose Omgzlook's latest AICPA certification REG Reliable Real Test Question exam question bank, and it will brings you a lot of help.
They tried their best to design the best REG Reliable Real Test Question certification training dumps from our company for all people. By our study materials, all people can prepare for their REG Reliable Real Test Question exam in the more efficient method.
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.
Juniper JN0-664 - We can let you spend a small amount of time and money and pass the IT certification exam at the same time. If you do not receive our Salesforce DEX-403 study materials, please contact our online workers. Omgzlook has more than 10 years experience in IT certification Microsoft AZ-104-KR exam training, including questions and answers. All popular official tests have been included in our SAP C_TS414_2023 study materials. ISACA CISM-CN - With Omgzlook, you could throw yourself into the exam preparation completely.
Updated: May 26, 2022