Time is so important to everyone because we have to use our limited time to do many things. Especially for candidates to take the CPA-Regulation Collection Materials exam, time is very precious. They must grasp every minute and every second to prepare for it. And you will find that it is easy to understand the content of the CPA-Regulation Collection Materials learning guide for our experts have simplified the questions and answers. Both theories of knowledge as well as practice of the questions in the CPA-Regulation Collection Materials practice quiz will help you become more skillful when dealing with the exam. No matter what your previous learning level is, there will be no problem of understanding.
AICPA Certification CPA-Regulation We are keeping advancing with you.
Omgzlook can help you 100% pass AICPA certification CPA-Regulation - Certified Public Accountant CPA Regulation Collection Materials exam, and if you carelessly fail to pass AICPA certification CPA-Regulation - Certified Public Accountant CPA Regulation Collection Materials exam, we will guarantee a full refund for you. It is well known that even the best people fail sometimes, not to mention the ordinary people. In face of the CPA-Regulation Pdf Format exam, everyone stands on the same starting line, and those who are not excellent enough must do more.
Omgzlook is a website which can help you quickly pass AICPA certification CPA-Regulation Collection Materials exams. In order to pass AICPA certification CPA-Regulation Collection Materials exam, many people who attend AICPA certification CPA-Regulation Collection Materials exam have spent a lot of time and effort, or spend a lot of money to participate in the cram school. Omgzlook is able to let you need to spend less time, money and effort to prepare for AICPA certification CPA-Regulation Collection Materials exam, which will offer you a targeted training.
AICPA CPA-Regulation Collection Materials - You can experience it in advance.
In order to meet the request of current real test, the technology team of research on Omgzlook AICPA CPA-Regulation Collection Materials exam materials is always update the questions and answers in time. We always accept feedbacks from users, and take many of the good recommendations, resulting in a perfect Omgzlook AICPA CPA-Regulation Collection Materials exam materials. This allows Omgzlook to always have the materials of highest quality.
Our target is to reduce your pressure and improve your learning efficiency from preparing for CPA-Regulation Collection Materials exam. If you still worry about your CPA-Regulation Collection Materials exam; if you still doubt whether it is worthy of purchasing our software, what you can do to clarify your doubts is to download our CPA-Regulation Collection Materials free demo.
CPA-Regulation PDF DEMO:
QUESTION NO: 1
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: 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
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: 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.
ECCouncil 212-82 - If your budget is limited, but you need complete exam material. EMC D-XTR-DS-A-24 - If not, your usage of our dump this time will make you treat our Omgzlook as the necessary choice to prepare for other IT certification exams later. ServiceNow CIS-VR - Omgzlook is a website that provide accurate exam materials for people who want to participate in the IT certification. The secret that Omgzlook helps many candidates pass ISQI CTAL-TTA_Syll19_4.0 exam is AICPA exam questions attentively studied by our professional IT team for years, and the detailed answer analysis. Snowflake DEA-C01 - If you choose Omgzlook study guide, you will find the test questions and test answers are certainly different and high-quality, which is the royal road to success.
Updated: May 24, 2022