Omgzlook AICPA REG Valid Test Study Guide exam questions and answers provide you test preparation information with everything you need. About AICPA REG Valid Test Study Guide exam, you can find these questions from different web sites or books, but the key is logical and connected. Our questions and answers will not only allow you effortlessly through the exam first time, but also can save your valuable time. Omgzlook is the leading provider of its practice exams, study guides and online learning courses, which may can help you. For example, the REG Valid Test Study Guide practice dumps contain the comprehensive contents which relevant to the actual test, with which you can pass your REG Valid Test Study Guide actual test with high score. The current IT industry needs a reliable source of AICPA REG Valid Test Study Guide certification exam, Omgzlook is a good choice.
We have the complete list of popular REG Valid Test Study Guide exams.
Our IT elite finally designs the best REG - CPA Regulation Valid Test Study Guide exam study materials by collecting the complex questions and analyzing the focal points of the exam over years. After our unremitting efforts, REG Reliable Exam Dumps Materials learning guide comes in everybody's expectation. Our professional experts not only have simplified the content and grasp the key points for our customers, but also recompiled the REG Reliable Exam Dumps Materials preparation materials into simple language so that all of our customers can understand easily no matter which countries they are from.
Every version of REG Valid Test Study Guide study materials that we provide to you has its own advantage: the PDF version has no equipment limited, which can be read anywhere; the online version can use on any electronic equipment there is network available; the software version can simulate the real REG Valid Test Study Guide exam environment to let you have more real feeling to REG Valid Test Study Guide real exam, besides the software version can be available installed on unlimited number devices.
AICPA REG Valid Test Study Guide - It can be used on Phone, Ipad and so on.
We guarantee that after purchasing our REG Valid Test Study Guide exam torrent, we will deliver the product to you as soon as possible within ten minutes. So you don’t need to wait for a long time and worry about the delivery time or any delay. We will transfer our CPA Regulation prep torrent to you online immediately, and this service is also the reason why our REG Valid Test Study Guide test braindumps can win people’s heart and mind. Therefore, you are able to get hang of the essential points in a shorter time compared to those who are not willing to use our REG Valid Test Study Guide exam torrent.
The most important is that our test engine enables you practice REG Valid Test Study Guide exam pdf on the exact pattern of the actual exam. Our IT professionals have made their best efforts to offer you the latest REG Valid Test Study Guide study guide in a smart way for the certification exam preparation.
REG PDF DEMO:
QUESTION NO: 1
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: 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
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: 4
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: 5
Conner purchased 300 shares of Zinco stock for $30,000 in 1980. On May 23, 1994, Conner sold all the
stock to his daughter Alice for $20,000, its then fair market value. Conner realized no other gain or loss
during 1994. On July 26, 1994, Alice sold the 300 shares of Zinco for $25,000.
What amount of the loss from the sale of Zinco stock can Conner deduct in 1994?
A. $0
B. $3,000
C. $5,000
D. $10,000
Answer: A
Explanation
Choice "a" is correct. Even though Conner has a realized loss of $10,000 on this transaction he cannot deduct the loss since it was incurred in a transaction with his daughter, a related party.
Choice "b" is incorrect. $3,000 is the limit on deductible net capital losses. However, Conner cannot deduct this loss, since it was incurred in a transaction with his daughter, a related party.
Choice "c" is incorrect. Conner's realized loss on the sale is $10,000 ( $20,000 proceeds less $30,000 basis). However, Conner cannot deduct this loss, since it was incurred in a transaction with his daughter,
a related party.
Choice "d" is incorrect. $10,000 is Conner's realized loss on the sale. However, Conner cannot deduct this loss, since it was incurred in a transaction with his daughter, a related party.
Because our materials not only has better quality than any other same learn products, but also can guarantee that you can pass the Cisco 700-240 exam with ease. Our experts written the accurate Huawei H20-421_V1.0 test answers for exam preparation and created the study guideline for our candidates. You will love our SAP C_THR70_2404 exam questions as long as you have a try! We often regard learning for EMC D-SF-A-24 exam as a torture. EMC D-PEMX-DY-23 - We understand your drive of the certificate, so you have a focus already and that is a good start.
Updated: May 26, 2022