We strongly advise you to buy our online engine and windows software of the REG Valid Test Collection Free study materials, which can simulate the real test environment. There is no doubt that you will never feel bored on learning our REG Valid Test Collection Free practice materials because of the smooth operation. You will find that learning is becoming interesting and easy. They are masterpieces of experts who are willing to offer the most effective and accurate REG Valid Test Collection Free latest material for you. The successful outcomes are appreciable after you getting our REG Valid Test Collection Free exam prep. In the result, many simple jobs are substituted by machines.
AICPA Certification REG You will never come across system crashes.
If you encounter some problems when using our REG - CPA Regulation Valid Test Collection Free study materials, you can also get them at any time. You can download the electronic invoice of the REG Reliable Exam Sims study materials and reserve it. Once you have decided to purchase our REG Reliable Exam Sims study materials, you can add it to your cart.
As long as you study with our REG Valid Test Collection Free exam braindumps for 20 to 30 hours that we can claim that you will pass the exam for sure. We really need this efficiency. Perhaps you have doubts about this "shortest time." I believe that after you understand the professional configuration of REG Valid Test Collection Free training questions, you will agree with what I said.
But our AICPA REG Valid Test Collection Free exam questions really did.
We have chosen a large number of professionals to make REG Valid Test Collection Free learning question more professional, while allowing our study materials to keep up with the times. Of course, we do it all for you to get the information you want, and you can make faster progress. You can also get help from REG Valid Test Collection Free exam training professionals at any time when you encounter any problems. We can be sure that with the professional help of our REG Valid Test Collection Free test guide you will surely get a very good experience. Good materials and methods can help you to do more with less. Choose REG Valid Test Collection Free test guide to get you closer to success.
Involving all types of questions in accordance with the real exam content, our REG Valid Test Collection Free exam questions are compiled to meet all of your requirements. The comprehensive coverage would be beneficial for you to pass the exam.
REG PDF DEMO:
QUESTION NO: 1
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: 2
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: 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.
But our Dell D-PWF-OE-A-00 exam questions will help you pass the exam by just one go for we have the pass rate high as 98% to 100%. HP HP2-I58 - We provide free tryout before the purchase to let you decide whether it is valuable or not by yourself. Dell D-PV-DY-A-00 - Time is so important to everyone because we have to use our limited time to do many things. And you will find that it is easy to understand the content of the SAP C-THR97-2405 learning guide for our experts have simplified the questions and answers. Generally speaking, 98 % - 99 % of the users can successfully pass the Huawei H19-338_V3.0 exam, obtaining the corresponding certificate.
Updated: May 26, 2022