Whether to pass the exam successfully, it consists not in how many materials you have seen, but in if you find the right method. Omgzlook is the right method which can help you sail through AICPA REG Valid Test Camp Questions certification exam. Are you worrying about how to pass AICPA REG Valid Test Camp Questions test? Now don't need to worry about the problem. 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. Free demo download can make you be rest assured to buy; one-year free update of REG Valid Test Camp Questions exam software after payment can assure you during your preparation for the exam.
AICPA Certification REG So just come on and join our success!
You can check out the interface, question quality and usability of our REG - CPA Regulation Valid Test Camp Questions practice exams before you decide to buy it. On the other hand, Software version of our REG Reliable Exam Guide practice questions is also welcomed by customers, especially for windows users. As for PPT online version, as long as you download the app into your computer.
How to improve your IT ability and increase professional IT knowledge of REG Valid Test Camp Questions real exam in a short time? Obtaining valid training materials will accelerate the way of passing REG Valid Test Camp Questions actual test in your first attempt. It will just need to take one or two days to practice AICPA REG Valid Test Camp Questions test questions and remember answers. You will free access to our test engine for review after payment.
So the AICPA REG Valid Test Camp Questions exam is a great beginning.
We have applied the latest technologies to the design of our REG Valid Test Camp Questions exam prep not only on the content but also on the displays. As a consequence you are able to keep pace with the changeable world and remain your advantages with our REG Valid Test Camp Questions training braindumps. Besides, you can consolidate important knowledge for you personally and design customized study schedule or to-do list on a daily basis. As long as you follow with our REG Valid Test Camp Questions study guide, you are doomed to achieve your success.
One more to mention, we can help you make full use of your sporadic time to absorb knowledge and information. We would like to provide our customers with different kinds of REG Valid Test Camp Questions practice guide to learn, and help them accumulate knowledge and enhance their ability.
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.
If you put just a bit of extra effort, you can score the highest possible score in the real SAP C_S4CS_2408 exam because our SAP C_S4CS_2408 exam preparation dumps are designed for the best results. The content of our Hitachi HQT-4420 practice engine is chosen so carefully that all the questions for the Hitachi HQT-4420 exam are contained. Microsoft MB-280 - You can totally rely on us. But if you buy SAP P-SAPEA-2023 test guide, things will become completely different. Omgzlook's study guides are your best ally to get a definite success in Microsoft PL-300-KR exam.
Updated: May 26, 2022