As long as you get to know our CPA-Regulation Blueprint exam questions, you will figure out that we have set an easier operation system for our candidates. Once you have a try, you can feel that the natural and seamless user interfaces of our CPA-Regulation Blueprint study materials have grown to be more fluent and we have revised and updated CPA-Regulation Blueprint learning braindumps according to the latest development situation. Without doubt, we are the best vendor in this field and we also provide the first-class service for you. Now, you are fortunate enough to purchase our CPA-Regulation Blueprint study questions. Our study materials are compiled by professional experts. We have always been known as the superior after sale service provider, since we all tend to take lead of the whole process after you choose our CPA-Regulation Blueprint exam questions.
AICPA Certification CPA-Regulation It can help a lot of people achieve their dream.
AICPA Certification CPA-Regulation Blueprint - Certified Public Accountant CPA Regulation For a better understanding of their features, please follow our website and try on them. Now IT certification exam is one of the methods to inspect the employees' ability, but it is not so easy to is one of the way to IT certification exams. Generally, people who participate in the IT certification exam should choose a specific training course, and so choosing a good training course is the guarantee of success.
Besides, we are punctually meeting commitments to offer help on CPA-Regulation Blueprint study materials. So there is no doubt any information you provide will be treated as strictly serious and spare you from any loss of personal loss. There are so many success examples by choosing our CPA-Regulation Blueprint guide quiz, so we believe you can be one of them.
More and more people choose AICPA AICPA CPA-Regulation Blueprint exam.
If you require any further information about either our CPA-Regulation Blueprint preparation exam or our corporation, please do not hesitate to let us know. High quality CPA-Regulation Blueprint practice materials leave a good impression on the exam candidates and bring more business opportunities in the future. And many of our cutomers use our CPA-Regulation Blueprint exam questions as their exam assistant and establish a long cooperation with us.
Our AICPA CPA-Regulation Blueprint exam training materials contains questions and answers. Our experienced team of IT experts through their own knowledge and experience continue to explore the exam information.
CPA-Regulation PDF DEMO:
QUESTION NO: 1
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: 2
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: 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.
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: 4
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.
QUESTION NO: 5
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.
All the preoccupation based on your needs and all these explain our belief to help you have satisfactory and comfortable purchasing services on the HP HPE0-V27-KR study guide. Oracle 1z0-808-KR - Because Omgzlook has a strong IT team of experts, they are committed to study exam questions and answers, and serve the vital interests of the majority of candidates. Perhaps you haven't heard of our company's brand yet, although we are becoming a leader of SAP C-C4H320-34 exam questions in the industry. Splunk SPLK-1002 - It is an undeniable fact. To address this issue, our ACFCS CFCS actual exam offers three different versions for users to choose from.
Updated: May 24, 2022