In order to provide most comfortable review process and straightaway dumps to those CPA-Regulation Guide candidates, we offer you three versions of CPA-Regulation Guide exam software: the PDF version, the online version, and software version. There will be one version right for you and help you quickly pass the CPA-Regulation Guide with ease, so that you can obtain the most authoritative international recognition on your IT ability. And we have confidence that your future aims will come along with this successful exam as the beginning. So choosing CPA-Regulation Guide actual question is choosing success. All that we have done is just to help you easily pass the CPA-Regulation Guide exam.
Now, CPA-Regulation Guide exam guide gives you this opportunity.
AICPA Certification CPA-Regulation Guide - Certified Public Accountant CPA Regulation The time and energy are all very important for the office workers. With the cumulative effort over the past years, our CPA-Regulation Valid Real Test Questions And Answers study guide has made great progress with passing rate up to 98 to 100 percent among the market. A lot of professional experts concentrate to making our CPA-Regulation Valid Real Test Questions And Answerspreparation materials by compiling the content so they have gained reputation in the market for their proficiency and dedication.
Omgzlook will provide you the easiest and quickest way to get the CPA-Regulation Guide certification without headache. We will offer the update service for one year. In addition, you will instantly download the CPA-Regulation Guide pdf vce after you complete the payment.
AICPA CPA-Regulation Guide - Mostly choice is greater than effort.
With the rapid development of the economy, the demands of society on us are getting higher and higher. If you can have CPA-Regulation Guide certification, then you will be more competitive in society. Our study materials will help you get the according certification you want to have. Believe me, after using our study materials, you will improve your work efficiency. You will get more opportunities than others, and your dreams may really come true in the near future. CPA-Regulation Guide test guide will make you more prominent in the labor market than others, and more opportunities will take the initiative to find you.
Then you can pass the actual test quickly and get certification easily. The CPA-Regulation Guide real questions are written and approved by our It experts, and tested by our senior professionals with many years' experience.
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.
In addition, there are many other advantages of our Cisco 300-610 learning guide. What’s more, you can receive Huawei H19-315-ENU updated study material within one year after purchase. Microsoft PL-300 - Omgzlook will never disappoint you. If you are not satisfied with the function of PDF version which just only provide you the questions and answers, the APP version of Network Appliance NS0-701 exam cram materials can offer you more. So you have nothing to worry about, only to study with our Splunk SPLK-1005 exam questions with full attention.
Updated: May 24, 2022