You can free download part of exam practice questions and answers about AICPA certification CPA-Regulation Collection Materials exam from Omgzlook website as a try to detect the quality of our products. Why Omgzlook can provide the comprehensive and high-quality information uniquely? Because we have a professional team of IT experts. They continue to use their IT knowledge and rich experience to study the previous years exams of AICPA CPA-Regulation Collection Materials and have developed practice questions and answers about AICPA CPA-Regulation Collection Materials exam certification exam. Your eligibility of getting a high standard of career situation will be improved if you can pass the exam, and our CPA-Regulation Collection Materials study guide are your most reliable ways to get it. You can feel assertive about your exam with our 100 guaranteed professional CPA-Regulation Collection Materials practice engine for you can see the comments on the websites, our high-quality of our CPA-Regulation Collection Materials learning materials are proved to be the most effective exam tool among the candidates. Because AICPA certification CPA-Regulation Collection Materials exam is difficult to pass.
AICPA Certification CPA-Regulation They believe and rely on us.
AICPA Certification CPA-Regulation Collection Materials - Certified Public Accountant CPA Regulation Our experts have many years’ experience in this particular line of business, together with meticulous and professional attitude towards jobs. We can help you pass the AICPA Test CPA-Regulation Question exam smoothly. In order not to let success pass you by, do it quickly.
They are time-tested CPA-Regulation Collection Materials learning materials, so they are classic. As well as our after-sales services. And we can always give you the most professional services on our CPA-Regulation Collection Materials training guide.
AICPA CPA-Regulation Collection Materials - But they stick to work hard and never abandon.
Do you feel headache looking at so many IT certification exams and so many exam materials? What should you do? Which materials do you choose? If you don't know how to choose, I choose your best exam materials for you. You can choose to attend AICPA CPA-Regulation Collection Materials exam which is the most popular in recent. Getting CPA-Regulation Collection Materials certificate, you will get great benefits. Moreover, to effectively prepare for the exam, you can select Omgzlook AICPA CPA-Regulation Collection Materials certification training dumps which are the best way to pass the test.
If you are interested in our products, I believe that after your trial, you will certainly not hesitate to buy it. All consumers who are interested in CPA-Regulation Collection Materials guide materials can download our free trial database at any time by visiting our platform.
CPA-Regulation PDF DEMO:
QUESTION NO: 1
Allen owns 100 shares of Prime Corp., a publicly-traded company, which Allen purchased on
January
1, 2001, for $10,000. On January 1, 2003, Prime declared a 2-for-1 stock split when the fair market value (FMV) of the stock was $120 per share. Immediately following the split, the FMV of Prime stock was $62 per share. On February 1, 2003, Allen had his broker specifically sell the 100 shares of Prime stock received in the split when the FMV of the stock was $65 per share. What amount should Allen recognize as long-term capital gain income on his Form 1040, U.S. Individual Income Tax Return, for
2003?
A. $750
B. $300
C. $2,000
D. $1,500
Answer: D
Explanation
Choice "c" is correct. The receipt of a nontaxable stock dividend will require the shareholder to spread the basis of his original shares over both the original shares and the new shares received, resulting in the same total basis but a lower basis per share of stock helD. Therefore, Allen's total basis remains the same, $10,000, but is now split between 200 shares (a 2-for-1 split and he originally owned 100 shares).
Therefore, his basis per share goes from $100/share ( $10,000/100) to $50/share ( $10,000/200).
Consequently, his basis in the 100 shares sold is 100 x $50 = $5,000. Calculate his gain as follows:
Choices "a", "b", and "d" are incorrect.
QUESTION NO: 2
Adams owns a second residence that is used for both personal and rental purposes. During
2001, Adams used the second residence for 50 days and rented the residence for 200 days. Which of the following statements is correct?
A. All mortgage interest and taxes on the property will be deducted to determine the property's net income or loss.
B. Depreciation may not be deducted on the property under any circumstances.
C. Utilities and maintenance on the property must be divided between personal and rental use.
D. A rental loss may be deducted if rental-related expenses exceed rental income.
Answer: C
Explanation
Choice "c" is correct. Because the second property was personally used more than 14 days, any net loss from the rental of the property will be disallowed.
All related expenses must be prorated between the personal use portion and the rental activity portion.
Prorated depreciation is permitted for the rental activity.
QUESTION NO: 3
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: 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
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.
EMC D-RP-DY-A-24 - What's more, Omgzlook provides you with the most excellent service. Our Cisco 350-401 exam braindumps are available for downloading without any other disturbing requirements as long as you have paid successfully, which is increasingly important to an examinee as he or she has limited time for personal study. What's more, it is the best recognition for us that you obtain the APMG-International AgilePM-Practitioner exam certification. Microsoft AI-900-CN - What’s more important it’s that also free of charge only if you provide relevant proof. There are many reasons why we are be trusted: 24-hour online customer service, the free experienced demo for SAP C_THR96_2405 exam materials, diversity versions, one-year free update service after purchase, and the guarantee of no help full refund.
Updated: May 24, 2022