All popular official tests have been included in our CPA-Regulation Best Vce study materials. So you can have wide choices. In fact, all of the three versions of the CPA-Regulation Best Vce practice prep are outstanding. With Omgzlook, you could throw yourself into the exam preparation completely. With high quality training materials by Omgzlook provided, you will certainly pass the exam. We sincerely reassure all people on the CPA-Regulation Best Vce test question from our company and enjoy the benefits that our study materials bring.
AICPA Certification CPA-Regulation It can help you pass the exam successfully.
In fact, our CPA-Regulation - Certified Public Accountant CPA Regulation Best Vce exam questions have helped tens of thousands of our customers successfully achieve their certification. So you have to seize this opportunity of Omgzlook. Only with it can you show your skills.
Now that more people are using mobile phones to learn our CPA-Regulation Best Vce study guide, you can also choose the one you like. We have three versions of our CPA-Regulation Best Vce exam braindumps: the PDF, the Software and the APP online. And you can free download the demo s to check it out.
AICPA CPA-Regulation Best Vce - Victory won't come to me unless I go to it.
Our CPA-Regulation Best Vce practice braindumps beckon exam candidates around the world with our attractive characters. Our experts made significant contribution to their excellence of the CPA-Regulation Best Vce study materials. So we can say bluntly that our CPA-Regulation Best Vce simulating exam is the best. Our effort in building the content of our CPA-Regulation Best Vce learning questions lead to the development of learning guide and strengthen their perfection.
We provide our customers with the most reliable learning materials about CPA-Regulation Best Vce certification exam and the guarantee of pass. We assist you to prepare the key knowledge points of CPA-Regulation Best Vce actual test and obtain the up-to-dated exam answers.
CPA-Regulation PDF DEMO:
QUESTION NO: 1
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: 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
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.
The high quality product like our ISQI CT-AI_v1.0_World study quiz has no need to advertise everywhere, and exerts influential effects which are obvious and everlasting during your preparation. As a wise person, it is better to choose our VMware 3V0-42.23 study material without any doubts. You will find the exam is a piece of cake with the help of our CompTIA SY0-701 study materials. With the Microsoft MB-330 training pdf, you can get the knowledge you want in the actual test, so you do not need any other study material. And if you want to get all benefits like that, our VMware 3V0-32.23 training quiz is your rudimentary steps to begin.
Updated: May 24, 2022