The finicky points can be solved effectively by using our REG Valid Test Collection Materials exam questions. With a high pass rate as 98% to 100% in this career, we have been the leader in this market and helped tens of thousands of our loyal customers pass the exams successfully. Just come to buy our REG Valid Test Collection Materials learning guide and you will love it. If you have decided to upgrade yourself by passing AICPA certification REG Valid Test Collection Materials exam, then choosing Omgzlook is not wrong. Our Omgzlook promise you that you can pass your first time to participate in the AICPA certification REG Valid Test Collection Materials exam and get AICPA REG Valid Test Collection Materials certification to enhance and change yourself. So accordingly, we offer three versions of free demos for you to download.
We can help you pass the AICPA REG Valid Test Collection Materials exam smoothly.
They are time-tested REG - CPA Regulation Valid Test Collection Materials learning materials, so they are classic. So that you will have the confidence to win the exam. Omgzlook's AICPA Free REG Practice Exams exam training materials are highly targeted.
They have built a clear knowledge frame in their minds before they begin to compile the REG Valid Test Collection Materials actual test guide. It is a long process to compilation. But they stick to work hard and never abandon.
Come and buy our AICPA REG Valid Test Collection Materials exam guide!
If you are forced to pass exams and obtain certification by your manger, our REG Valid Test Collection Materials original questions will be a good choice for you. Our products can help you clear exams at first shot. We promise that we provide you with best quality REG Valid Test Collection Materials original questions and competitive prices. We offer 100% pass products with excellent service. We provide one year studying assist service and one year free updates downloading of AICPA REG Valid Test Collection Materials exam questions. If you fail exam we support to exchange and full refund.
Up to now, many people have successfully passed the REG Valid Test Collection Materials exam with our assistance. So you need to be brave enough to have a try.
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
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: 4
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: 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.
With the help of our online version, you can not only practice our EMC D-ZT-DS-23 exam pdf in any electronic equipment, but also make you feel the atmosphere of EMC D-ZT-DS-23 actual test. And whenever our customers have any problems on our CFA Institute ESG-Investing practice engine, our experts will help them solve them at the first time. Our valid Dell D-ISAZ-A-01 practice questions are created according to the requirement of the certification center based on the real questions. The number of questions of the Adobe AD0-E134 study materials you have done has a great influence on your passing rate. Our Microsoft MB-280 training material comes with 100% money back guarantee to ensure the reliable and convenient shopping experience.
Updated: May 26, 2022