If you want to be one of them, please allow me to recommend the CPA-Regulation Cram Review learning questions from our company to you, the superb quality of CPA-Regulation Cram Review exam braindumps we've developed for has successfully helped thousands of candidates to realize their dreams. And our CPA-Regulation Cram Review study materials have helped so many customers pass the exam. Obtaining the CPA-Regulation Cram Review certification is not an easy task. Through the trial you will have different learning experience, you will find that what we say is not a lie, and you will immediately fall in love with our products. As a key to the success of your life, the benefits that CPA-Regulation Cram Review exam guide can bring you are not measured by money. The only aim of our company is to help each customer pass their exam as well as getting the important certification in a short time.
AICPA Certification CPA-Regulation Just have a try and you will love them!
After the user has purchased our CPA-Regulation - Certified Public Accountant CPA Regulation Cram Review learning materials, we will discover in the course of use that our product design is extremely scientific and reasonable. If you believe in our products this time, you will enjoy the happiness of success all your life Our CPA-Regulation Latest Real Exam Answers learning quiz is the accumulation of professional knowledge worthy practicing and remembering, so you will not regret choosing our CPA-Regulation Latest Real Exam Answers study guide.
Then windows software of the CPA-Regulation Cram Review exam questions, which needs to install on windows software. Aiso online engine of the CPA-Regulation Cram Review study materials, which is convenient because it doesn’t need to install on computers. As we all know, the world does not have two identical leaves.
AICPA CPA-Regulation Cram Review - The free demo has three versions.
Never say you can not do it. This is my advice to everyone. Even if you think that you can not pass the demanding AICPA CPA-Regulation Cram Review exam. You can find a quick and convenient training tool to help you. Omgzlook's AICPA CPA-Regulation Cram Review exam training materials is a very good training materials. It can help you to pass the exam successfully. And its price is very reasonable, you will benefit from it. So do not say you can't. If you do not give up, the next second is hope. Quickly grab your hope, itis in the Omgzlook's AICPA CPA-Regulation Cram Review exam training materials.
Where is a will, there is a way. And our CPA-Regulation Cram Review exam questions are the exact way which can help you pass the exam and get the certification with ease.
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.
According to the survey, the candidates most want to take AICPA VMware 2V0-32.22 test in the current IT certification exams. Here our IBM C1000-127 study materials are tailor-designed for you. VMware 5V0-31.22 - What do you know about Omgzlook? Have you ever used Omgzlook exam dumps or heard Omgzlook dumps from the people around you? As professional exam material providers in IT certification exam, Omgzlook is certain the best website you've seen. Tableau TCA-C01 - The accuracy rate of exam practice questions and answers provided by Omgzlook is very high and they can 100% guarantee you pass the exam successfully for one time. Are you wandering how to pass rapidly Salesforce Data-Cloud-Consultant certification exam? Omgzlook certification training dumps can help you to achieve your goals.
Updated: May 24, 2022