AICPA REG Valid Study Questions Ebook certification exam will definitely lead you to a better career prospects. AICPA REG Valid Study Questions Ebook exam can not only validate your skills but also prove your expertise. Omgzlook's AICPA REG Valid Study Questions Ebook exam training materials is a proven software. Omgzlook AICPA REG Valid Study Questions Ebook exam training materials bear with a large number of the exam questions you need, which is a good choice. The training materials can help you pass the certification. Omgzlook's AICPA REG Valid Study Questions Ebook exam training materials is the best training materials, this is not doubt.
AICPA Certification REG We absolutely protect the interests of consumers.
AICPA Certification REG Valid Study Questions Ebook - CPA Regulation Whether to pass the exam successfully, it consists not in how many materials you have seen, but in if you find the right method. The coverage of the products of Omgzlook is very broad. It can be provide convenient for a lot of candidates who participate in IT certification exam.
What we provide for you is the latest and comprehensive REG Valid Study Questions Ebook exam dumps, the safest purchase guarantee and the immediate update of REG Valid Study Questions Ebook exam software. Free demo download can make you be rest assured to buy; one-year free update of REG Valid Study Questions Ebook exam software after payment can assure you during your preparation for the exam. What's more, what make you be rest assured most is that we develop the exam software which will help more candidates get REG Valid Study Questions Ebook exam certification.
AICPA REG Valid Study Questions Ebook - There is no reason to waste your time on a test.
Omgzlook is a reliable study center providing you the valid and correct REG Valid Study Questions Ebook questions & answers for boosting up your success in the actual test. REG Valid Study Questions Ebook PDF file is the common version which many candidates often choose. If you are tired with the screen for study, you can print the REG Valid Study Questions Ebook pdf dumps into papers. With the pdf papers, you can write and make notes as you like, which is very convenient for memory. We can ensure you pass with AICPA study torrent at first time.
Moreover, the colleagues and the friends with IT certificate have been growing. In this case, if you have none, you will not be able to catch up with the others.
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
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
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: 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.
IIA IIA-CIA-Part2-CN - Besides, we will offer you the benefits of 365 days free update. If you have any questions about purchasing Oracle 1Z0-819 exam software, you can contact with our online support who will give you 24h online service. It is very necessary for candidates to get valid Oracle 1z0-1084-24 dumps collection because it can save your time and help you get succeed in IT filed by clearing Oracle 1z0-1084-24 actual test. Maybe you have heard that the important Microsoft AZ-104-KR exam will take more time or training fee, because you haven't use our Microsoft AZ-104-KR exam software provided by our Omgzlook. Are you still silly to spend much time to prepare for your test but still fail again and again? Do you find that some candidates pass exam easily with AICPA Fortinet FCP_FGT_AD-7.4 exam dumps questions? If your goal is passing exams and obtain certifications our Fortinet FCP_FGT_AD-7.4 exam dumps can help you achieve your goal easily, why not choose us? Only dozen of money and 20-35 hours' valid preparation before the test with Fortinet FCP_FGT_AD-7.4 exam dumps questions will make you clear exam surely.
Updated: May 26, 2022