Are you staying up for the REG Reliable Study Questions Free exam day and night? Do you have no free time to contact with your friends and families because of preparing for the exam? Are you tired of preparing for different kinds of exams? If your answer is yes, please buy our REG Reliable Study Questions Free exam questions, which is equipped with a high quality. We can make sure that our REG Reliable Study Questions Free study materials have the ability to help you solve your problem, and you will not be troubled by these questions above. The exercises and answers of our REG Reliable Study Questions Free exam questions are designed by our experts to perfectly answer the puzzles you may encounter in preparing for the exam and save you valuable time. Take a look at REG Reliable Study Questions Free preparation exam, and maybe you'll find that's exactly what you've always wanted. You must pay more attention to the study materials.
AICPA Certification REG You can consult our staff online.
In the annual examination questions, our REG - CPA Regulation Reliable Study Questions Free study questions have the corresponding rules to summarize, and can accurately predict this year's test hot spot and the proposition direction. They can greatly solve your problem-solving abilities. Actually our Reliable REG Exam Cram Pdf study materials cover all those traits and they are your prerequisites for successful future.
Highlight a person's learning effect is not enough, because it is difficult to grasp the difficulty of testing, a person cannot be effective information feedback, in order to solve this problem, our REG Reliable Study Questions Free real exam materials provide a powerful platform for users, allow users to exchange of experience. Here, the all users of our REG Reliable Study Questions Free learning reference files can through own id to login to the platform, realize the exchange and sharing with other users, even on the platform and more users to become good friends, encourage each other, to deal with the difficulties encountered in the process of preparation each other. Our REG Reliable Study Questions Free learning reference files not only provide a single learning environment for users, but also create a learning atmosphere like home, where you can learn and communicate easily.
AICPA REG Reliable Study Questions Free - Your exam results will help you prove this!
With the most scientific content and professional materials REG Reliable Study Questions Free preparation materials are indispensable helps for your success. Such a valuable acquisition priced reasonably of our REG Reliable Study Questions Free study guide is offered before your eyes, you can feel assured to take good advantage of. And we give some discounts from time to time on our REG Reliable Study Questions Free exam questions for promoting. If you come to visit our website more times, you will buy our REG Reliable Study Questions Free practice engine at a more favorable price.
Our REG Reliable Study Questions Free test torrent is of high quality, mainly reflected in the pass rate. As for our REG Reliable Study Questions Free study tool, we guarantee our learning materials have a higher passing rate than that of other agency.
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.
Materials trends are not always easy to forecast on our study guide, but they have predictable pattern for them by ten-year experience who often accurately predict points of knowledge occurring in next SAP C_BW4H_2404 preparation materials. And they are trained specially and professionlly to know every detail about our SAP C-THR92-2405 learning prep. We have been always trying to make every effort to consolidate and keep a close relationship with customer by improving the quality of our ACAMS CAMS practice materials. SAP C_HRHPC_2405 - High accuracy and high quality are the reasons why you should choose us. Let us take a try of our amazing Microsoft MB-700 exam questions and know the advantages first!
Updated: May 26, 2022