We have benefited a lot from those changes. In order to keep pace with the development of the society, we also need to widen our knowledge. If you are a diligent person, we strongly advise you to try our REG Valid Practice Questions Files real test. With it you can pass the difficult AICPA REG Valid Practice Questions Files exam effortlessly. If you want to through the AICPA REG Valid Practice Questions Files certification exam to make a stronger position in today's competitive IT industry, then you need the strong expertise knowledge and the accumulated efforts. In our software version of the REG Valid Practice Questions Files exam dumps, the unique point is that you can take part in the practice test before the real REG Valid Practice Questions Files exam.
AICPA Certification REG Many customers may be doubtful about our price.
Even if you have a week foundation, I believe that you will get the certification by using our REG - CPA Regulation Valid Practice Questions Files study materials. Our REG Valid Real Test Questions And Answers exam questions are compiled by experts and approved by authorized personnel and boost varied function so that you can learn REG Valid Real Test Questions And Answers test torrent conveniently and efficiently. We provide free download and tryout before your purchase and if you fail in the exam we will refund you in full immediately at one time.
And our REG Valid Practice Questions Files study materials are always considered the guarantee to pass the exam. You are the best and unique in the world. Just be confident to face new challenge!
You will never worry about the AICPA REG Valid Practice Questions Files exam.
To cope with the fast growing market, we will always keep advancing and offer our clients the most refined technical expertise and excellent services about our REG Valid Practice Questions Files exam questions. In the meantime, all your legal rights will be guaranteed after buying our REG Valid Practice Questions Files study materials. For many years, we have always put our customers in top priority. Not only we offer the best REG Valid Practice Questions Files training prep, but also our sincere and considerate attitude is praised by numerous of our customers.
Our company committed all versions of REG Valid Practice Questions Files practice materials attached with free update service. When REG Valid Practice Questions Files exam preparation has new updates, the customer services staff will send you the latest version.
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
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: 3
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: 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.
You will come across almost all similar questions in the real SAP C_DBADM_2404 exam. So prepared to be amazed by our Splunk SPLK-5002 learning guide! As is known to us, our company has promised that the SAP C_BW4H_2404 exam braindumps from our company will provide more than 99% pass guarantee for all people who try their best to prepare for the exam. So grapple with this chance, our Juniper JN0-637 learning materials will not let you down. Our EMC D-PDD-OE-23 study guide will help you regain confidence.
Updated: May 26, 2022