Please feel free to contact us if you have any problems. Our CPA-Regulation Assessment learning question can provide you with a comprehensive service beyond your imagination. CPA-Regulation Assessment exam guide has a first-class service team to provide you with 24-hour efficient online services. If you use our CPA-Regulation Assessment exam prep, you will have the opportunity to enjoy our updating system. You will get the newest information about your exam in the shortest time. Finding a good paying job is available for you.
AICPA Certification CPA-Regulation They will thank you so much.
Get the test CPA-Regulation - Certified Public Accountant CPA Regulation Assessment certification is not achieved overnight, we need to invest a lot of time and energy to review, and the review process is less a week or two, more than a month or two, or even half a year, so CPA-Regulation - Certified Public Accountant CPA Regulation Assessment exam questions are one of the biggest advantage is that it is the most effective tools for saving time for users. As long as you encounter obstacles in the learning process on our CPA-Regulation Test Sample training guide, send us an email and we will solve it for you at the first time. Please believe that CPA-Regulation Test Sample learning materials will be your strongest backing from the time you buy our CPA-Regulation Test Sample practice braindumps to the day you pass the exam.
To keep up with the newest regulations of the CPA-Regulation Assessmentexam, our experts keep their eyes focusing on it. Our CPA-Regulation Assessment practice materials are updating according to the precise of the real exam. Our test prep can help you to conquer all difficulties you may encounter.
AICPA CPA-Regulation Assessment - Omgzlook is a professional website.
We understand your itching desire of the exam. Do not be bemused about the exam. We will satisfy your aspiring goals. Our CPA-Regulation Assessment real questions are high efficient which can help you pass the exam during a week. We just contain all-important points of knowledge into our CPA-Regulation Assessment latest material. And we keep ameliorate our CPA-Regulation Assessment latest material according to requirements of CPA-Regulation Assessment exam. Besides, we arranged our CPA-Regulation Assessment exam prep with clear parts of knowledge. You may wonder whether our CPA-Regulation Assessment real questions are suitable for your current level of knowledge about computer, as a matter of fact, our CPA-Regulation Assessment exam prep applies to exam candidates of different degree. By practicing and remember the points in them, your review preparation will be highly effective and successful.
If you have any questions about the exam, Omgzlook the AICPA CPA-Regulation Assessment will help you to solve them. Within a year, we provide free updates.
CPA-Regulation PDF DEMO:
QUESTION NO: 1
Elm Corp. is an accrual-basis calendar-year C corporation with 100,000 shares of voting common stock issued and outstanding as of December 28, 1996. On Friday, December 29, 1996, Hall surrendered 2,000 shares of Elm stock to Elm in exchange for $33,000 cash. Hall had no direct or indirect interest in Elm after the stock surrender. Additional information follows:
What amount of income did Hall recognize from the stock surrender?
A. $33,000 dividend.
B. $18,000 capital gain.
C. $17,000 capital gain.
D. $25,000 dividend.
Answer: C
Explanation
Choice "d" is correct. $17,000 capital gain.
Amount realized:
Choices "a" and "b" are incorrect. Dividends are distributions of earnings. These proceeds are from the sale of stock.
Choice "c" is incorrect, per above. Accumulated earnings and profits do not effect the gain calculation, they only affect the taxability of dividends paid to shareholders.
QUESTION NO: 2
Under a $150,000 insurance policy on her deceased father's life, May Green is to receive
$12,000 per year for 15 years. Of the $12,000 received in 1987, the amount subject to income tax is:
A. $12,000
B. $2,000
C. $1,000
D. $0
Answer: B
Explanation
Choice "c" is correct. $2,000.
QUESTION NO: 3
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 was Alice's recognized gain or loss on her sale?
A. $5,000 short-term loss.
B. $5,000 long-term gain.
C. $5,000 long-term loss.
D. $0
Answer: D
Explanation
Choice "a" is correct. Alice has a realized gain of $5,000 on the transaction: $25,000 sales price less
$20,000 purchase price. However, she can reduce the gain, but not below zero, by the amount of loss her father could not deduct on the sale to her. Thus, Alice can reduce her gain by up to $10,000, but not below zero. Here, the gain is $5,000, so it is reduced to zero. Conner should have sold the stock in the open market so that he could deduct the entire loss. Alice could then have purchased the stock in the open market.
Choice "b" is incorrect. $5,000 is Alice's realized long-term gain on the sale. However, she can reduce the gain, but not below zero, by the amount of loss her father could not deduct on the sale to her.
Choice "c" is incorrect. Alice has a realized gain of $5,000 on the sale. However, since she is related to
Conner, her holding period includes his holding period. Therefore, her realized gain is long-term. In addition, she can reduce the gain, but not below zero, by the amount of loss her father could not deduct on the sale to her.
Choice "d" is incorrect. Alice can reduce the gain by the amount of loss her father could not deduct on the sale to her. However, she cannot reduce the gain below zero.
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.
Tom's 1994 wages were $53,000. In addition, Tom's employer provided group-term life insurance on
Tom's life in excess of $50,000. The value of such excess coverage was $2,000.
A. $25,000
B. $2,000
C. $0
D. $3,000
E. $50,000
F. $10,000
G. $2,500
H. $1,250
I. $1,000
J. $1,300
K. $900
L. $1,500
M. $75,000
N. $55,000
O. $500
Answer: C
Explanation
"N" is correct. $55,000. The value of employer-provided group term life insurance for which the face amount exceeds $50,000 is taxable income to the insured employee and the $53,000 in wages would both be included on page one, Form 1040.
QUESTION NO: 5
Which of the following statements is the best definition of real property?
A. Real property is only land.
B. Real property is land and intangible property in realized form.
C. Real property is land and everything permanently attached to it.
D. Real property is all tangible property including land.
Answer: C
Explanation
Choice "d" is correct. Real property includes land and all items permanently affixed to the land (e.g., buildings, paving, etc.) Choice "a" is incorrect. Real property includes more than just the land (as per the explanation above); it includes all items permanently affixed to land.
Choice "b" is incorrect. "All" tangible property could include moveable personal property and is therefore, incorrect.
Choice "c" is incorrect. "Intangible property in realized form" is a distracter and a contradiction in terms.
VMware 6V0-32.24 - But we keep being the leading position in contrast. CompTIA FC0-U61 - Because the training materials it provides to the IT industry have no-limited applicability. IBM C1000-181 study material is in the form of questions and answers like the real exam that help you to master knowledge in the process of practicing and help you to get rid of those drowsy descriptions in the textbook. UiPath UiPath-ABAv1 - Of course, with studying hard, you can pass the exam. Amazon SOA-C02-KR - We sincerely encourage you to challenge yourself as long as you have the determination to study new knowledge.
Updated: May 24, 2022