Citing an old saying as "Opportunity always favors the ready minds”. In the current era of rocketing development of the whole society, it’s easy to be eliminated if people have just a single skill. Our CPA-Regulation Certification Torrent learning materials will aim at helping every people fight for the CPA-Regulation Certification Torrent certificate and help develop new skills. Our CPA-Regulation Certification Torrent exam question can help make your dream come true. What’s more, you can have a visit of our website that provides you more detailed information about the CPA-Regulation Certification Torrent guide torrent. So if you are in a dark space, our CPA-Regulation Certification Torrent study guide can inspire you make great improvements.
AICPA Certification CPA-Regulation You must make a decision as soon as possible!
AICPA Certification CPA-Regulation Certification Torrent - Certified Public Accountant CPA Regulation If we miss the opportunity, we will accomplish nothing. Our reputation is earned by high-quality of our learning materials. Once you choose our training materials, you chose hope.
The client only need to spare 1-2 hours to learn our Certified Public Accountant CPA Regulation study question each day or learn them in the weekends. Commonly speaking, people like the in-service staff or the students are busy and don’t have enough time to prepare the exam. Learning our Certified Public Accountant CPA Regulation test practice dump can help them save the time and focus their attentions on their major things.
AICPA CPA-Regulation Certification Torrent - All in all, learning never stops!
We all have same experiences that some excellent people around us further their study and never stop their pace even though they have done great job in their surrounding environment. So it is of great importance to make yourself competitive as much as possible. Facing the CPA-Regulation Certification Torrent exam this time, your rooted stressful mind of the exam can be eliminated after getting help from our CPA-Regulation Certification Torrent practice materials. Among voluminous practice materials in this market, we highly recommend our CPA-Regulation Certification Torrent study tool for your reference. Their vantages are incomparable and can spare you from strained condition. On the contrary, they serve like stimulants and catalysts which can speed up you efficiency and improve your correction rate of the CPA-Regulation Certification Torrent real questions during your review progress.
You live so tired now. Learning of our CPA-Regulation Certification Torrent practice materials is the best way to stop your busy life.
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.
Microsoft MD-102 - We emphasize on customers satisfaction, which benefits both exam candidates and our company equally. Huawei H23-211_V1.0 - Then you can go to everywhere without carrying your computers. As EMC D-PWF-DS-23 exam questions with high prestige and esteem in the market, we hold sturdy faith for you. BCS CTFL4 - Last but not least, our worldwide service after-sale staffs will provide the most considerable and comfortable feeling for you in twenty -four hours a day, as well as seven days a week incessantly. With many years of experience in this line, we not only compile real test content into our ISTQB ISTQB-CTFL learning quiz, but the newest in to them.
Updated: May 24, 2022