What are you waiting now? Just rush to buy our CPA-Regulation Practice study guide! If you buy the CPA-Regulation Practice practice materials within one year you can enjoy free updates. Being the most competitive and advantageous company in the market, our CPA-Regulation Practice exam questions have help tens of millions of exam candidates, realized their dreams all these years. On the way to be successful, a large number of the candidates feel upset or disturbed when they study with the books or other CPA-Regulation Practice exam materials. With our high pass rate as 98% to 100%, which is provided and tested by our worthy customers, you will be encouraged to overcome the lack of confidence and establish your determination to pass CPA-Regulation Practice exam. The refund procedures are very simple if you provide the CPA-Regulation Practice exam proof of the failure marks we will refund you immediately.
AICPA Certification CPA-Regulation We always put your needs in the first place.
AICPA Certification CPA-Regulation Practice - Certified Public Accountant CPA Regulation They can not only achieve this, but ingeniously help you remember more content at the same time. Many customers may be doubtful about our price. The truth is our price is relatively cheap among our peer.
Our CPA-Regulation Practice preparation practice are highly targeted and have a high hit rate, there are a lot of learning skills and key points in the exam, even if your study time is very short, you can also improve your CPA-Regulation Practice exam scores very quickly. Even if you have a week foundation, I believe that you will get the certification by using our CPA-Regulation Practice study materials. We can claim that with our CPA-Regulation Practice practice engine for 20 to 30 hours, you will be ready to pass the exam with confidence.
You will never worry about the AICPA CPA-Regulation Practice exam.
To cope with the fast growing market, we will always keep advancing and offer our clients the most refined technical expertise and excellent services about our CPA-Regulation Practice exam questions. In the meantime, all your legal rights will be guaranteed after buying our CPA-Regulation Practice study materials. For many years, we have always put our customers in top priority. Not only we offer the best CPA-Regulation Practice training prep, but also our sincere and considerate attitude is praised by numerous of our customers.
Our company committed all versions of CPA-Regulation Practice practice materials attached with free update service. When CPA-Regulation Practice exam preparation has new updates, the customer services staff will send you the latest version.
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
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: 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.
You will come across almost all similar questions in the real SAP C_ARCIG_2404 exam. So prepared to be amazed by our Salesforce Mobile-Solutions-Architecture-Designer learning guide! As is known to us, our company has promised that the PDMA NPDP exam braindumps from our company will provide more than 99% pass guarantee for all people who try their best to prepare for the exam. So grapple with this chance, our Salesforce CRT-251 learning materials will not let you down. Our SAP C-S4CPR-2402 study guide will help you regain confidence.
Updated: May 24, 2022