Our CPA Regulation exam prep has taken up a large part of market. with decided quality to judge from customers' perspective, If you choose the right REG Reliable Test Topics Pdf practice braindumps, it will be a wise decision. Our behavior has been strictly ethical and responsible to you, which is trust worthy. Our REG Reliable Test Topics Pdf study materials must appear at the top of your list. And our REG Reliable Test Topics Pdf learning quiz has a 99% pass rate. The AICPA REG Reliable Test Topics Pdf exam questions aid its customers with updated and comprehensive information in an innovative style.
Our REG Reliable Test Topics Pdf exam materials can help you realize it.
What are you still hesitating for? Hurry to buy our REG - CPA Regulation Reliable Test Topics Pdf learning engine now! Our REG Updated Demo guide materials are high quality and high accuracy rate products. It is all about the superior concreteness and precision of the REG Updated Demo exam questions that helps.
If you are worry about the coming REG Reliable Test Topics Pdf exam, our REG Reliable Test Topics Pdf study materials will help you solve your problem. In order to promise the high quality of our REG Reliable Test Topics Pdf exam questions, our company has outstanding technical staff, and has perfect service system after sale. More importantly, our good REG Reliable Test Topics Pdf guide quiz and perfect after sale service are approbated by our local and international customers.
AICPA REG Reliable Test Topics Pdf - It's never too late to know it from now on.
AICPA REG Reliable Test Topics Pdf exam materials of Omgzlook is devoloped in accordance with the latest syllabus. At the same time, we also constantly upgrade our training materials. So our exam training materials is simulated with the practical exam. So that the pass rate of Omgzlook is very high. It is an undeniable fact. Through this we can know that Omgzlook AICPA REG Reliable Test Topics Pdf exam training materials can brought help to the candidates. And our price is absolutely reasonable and suitable for each of the candidates who participating in the IT certification exams.
And this version also helps establish the confidence of the candidates when they attend the REG Reliable Test Topics Pdf exam after practicing. Because of the different habits and personal devices, requirements for the version of our REG Reliable Test Topics Pdf exam questions vary from person to person.
REG PDF DEMO:
QUESTION NO: 1
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: 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
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
Conner purchased 300 shares of Zinco stock for $30,000 in 1980. On May 23, 1994, Conner sold all the
stock to his daughter Alice for $20,000, its then fair market value. Conner realized no other gain or loss
during 1994. On July 26, 1994, Alice sold the 300 shares of Zinco for $25,000.
What amount of the loss from the sale of Zinco stock can Conner deduct in 1994?
A. $0
B. $3,000
C. $5,000
D. $10,000
Answer: A
Explanation
Choice "a" is correct. Even though Conner has a realized loss of $10,000 on this transaction he cannot deduct the loss since it was incurred in a transaction with his daughter, a related party.
Choice "b" is incorrect. $3,000 is the limit on deductible net capital losses. However, Conner cannot deduct this loss, since it was incurred in a transaction with his daughter, a related party.
Choice "c" is incorrect. Conner's realized loss on the sale is $10,000 ( $20,000 proceeds less $30,000 basis). However, Conner cannot deduct this loss, since it was incurred in a transaction with his daughter,
a related party.
Choice "d" is incorrect. $10,000 is Conner's realized loss on the sale. However, Conner cannot deduct this loss, since it was incurred in a transaction with his daughter, a related party.
QUESTION NO: 5
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.
GAQM CSCM-001 - In recent years, many people are interested in AICPA certification exam. Our ServiceNow CIS-CSM study materials boost superior advantages and the service of our products is perfect. Indeed, AICPA CompTIA 220-1102 test is very difficult exam, but this is not suggested that you cannot get high marks and pass your exam with ease. No matter in the day or on the night, you can consult us the relevant information about our IBM C1000-161 preparation exam through the way of chatting online or sending emails. Why we give a promise that once you fail the exam with our dump, we guarantee a 100% full refund of the dump cost to you, as all those who have pass the exam successfully with our Axis Communications CTS exam dumps give us more confidence to make the promise of "No help, full refund".
Updated: May 26, 2022