More importantly, we will promptly update our CPA-Regulation Pdf exam materials based on the changes of the times and then send it to you timely. 99% of people who use our learning materials have passed the exam and successfully passed their certificates, which undoubtedly show that the passing rate of our CPA-Regulation Pdf test torrent is 99%. If you fail the exam, we promise to give you a full refund in the shortest possible time. As to the rapid changes happened in this CPA-Regulation Pdf exam, experts will fix them and we assure your CPA-Regulation Pdf exam simulation you are looking at now are the newest version. Materials trends are not always easy to forecast on our study guide, but they have predictable pattern for them by ten-year experience who often accurately predict points of knowledge occurring in next CPA-Regulation Pdf preparation materials. And they are trained specially and professionlly to know every detail about our CPA-Regulation Pdf learning prep.
AICPA Certification CPA-Regulation And we have become a popular brand in this field.
As long as you try our CPA-Regulation - Certified Public Accountant CPA Regulation Pdf exam questions, we believe you will fall in love with it. For many people, it’s no panic passing the New CPA-Regulation Test Cram Review exam in a short time. Luckily enough，as a professional company in the field of New CPA-Regulation Test Cram Review practice questions ,our products will revolutionize the issue.
We guarantee that you can pass the exam at one time even within one week based on practicing our CPA-Regulation Pdf exam materials regularly. 98 to 100 percent of former exam candidates have achieved their success by the help of our CPA-Regulation Pdf practice questions. And we have been treated as the best friend as our CPA-Regulation Pdf training guide can really help and change the condition which our loyal customers are in and give them a better future.
AICPA CPA-Regulation Pdf - As we all know, time and tide waits for no man.
Time and tide wait for no man, if you want to save time, please try to use our CPA-Regulation Pdf preparation exam, it will cherish every minute of you and it will help you to create your life value. With the high pass rate of our CPA-Regulation Pdf exam questions as 98% to 100% which is unbeatable in the market, we are proud to say that we have helped tens of thousands of our customers achieve their dreams and got their CPA-Regulation Pdf certifications. Join us and you will be one of them.
They have rearranged all contents, which is convenient for your practice. Perhaps you cannot grasp all crucial parts of the CPA-Regulation Pdf study tool by yourself.
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.
To be convenient for the learners, our Microsoft SC-300 certification questions provide the test practice software to help the learners check their learning results at any time. The high passing rate of Network Appliance NS0-014 exam training also requires your efforts. If you have any worry about the IAPP AIGP exam, do not worry, we are glad to help you. SAP C-S4EWM-2023 - A large number of buyers pouring into our website every day can prove this. In the future, our Microsoft MB-500 study materials will become the top selling products.
Updated: May 24, 2022