What are you waiting for? Closed cars will not improve, and when we are reviewing our qualifying examinations, we should also pay attention to the overall layout of various qualifying examinations. For the convenience of users, our Certified Public Accountant CPA Regulation learn materials will be timely updated information associated with the qualification of the home page, so users can reduce the time they spend on the Internet, blindly to find information. Welcome your purchase for our CPA-Regulation Success exam torrent. As is an old saying goes: Client is god! This kind of learning method is very convenient for the user, especially in the time of our fast pace to get AICPA certification.
AICPA Certification CPA-Regulation Within a year, we provide free updates.
Considering many exam candidates are in a state of anguished mood to prepare for the CPA-Regulation - Certified Public Accountant CPA Regulation Success exam, our company made three versions of CPA-Regulation - Certified Public Accountant CPA Regulation Success real exam materials to offer help. They used their knowledge and experience as well as the ever-changing IT industry to produce the material. The effect of Omgzlook's AICPA CPA-Regulation New Test Questions Explanations exam training materials is reflected particularly good by the use of the many candidates.
If you feel exam is a headache, don't worry. CPA-Regulation Success test answers can help you change this. CPA-Regulation Success 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.
AICPA CPA-Regulation Success - Our products are just suitable for you.
Omgzlook is a website to provide a targeted training for AICPA certification CPA-Regulation Success exam. Omgzlook is also a website which can not only make your expertise to get promoted, but also help you pass AICPA certification CPA-Regulation Success exam for just one time. The training materials of Omgzlook are developed by many IT experts' continuously using their experience and knowledge to study, and the quality is very good and have very high accuracy. Once you select our Omgzlook, we can not only help you pass AICPA certification CPA-Regulation Success exam and consolidate their IT expertise, but also have a one-year free after-sale Update Service.
You will get your CPA-Regulation Success certification with little time and energy by the help of out dumps. Omgzlook is constantly updated in accordance with the changing requirements of the AICPA certification.
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.
Salesforce Platform-App-Builder - If you buy the Omgzlook's products, we will not only spare no effort to help you pass the certification exam, but also provide a free update and upgrade service. As we all know, it is not an easy thing to gain the ISACA IT-Risk-Fundamentals certification. In order to meet the demand of most of the IT employees, Omgzlook's IT experts team use their experience and knowledge to study the past few years AICPA certification Microsoft DP-300-KR exam questions. It doesn’t matter if it's your first time to attend Microsoft MB-230 practice test or if you are freshman in the IT certification test, our latest Microsoft MB-230 dumps guide will boost you confidence to face the challenge. About AICPA Juniper JN0-252 exam, you can find these questions from different web sites or books, but the key is logical and connected.
Updated: May 24, 2022