As to the cause, CPA-Regulation Exam Dumps exam is a very important test. For IT staff, not having got the certificate has a bad effect on their job. AICPA CPA-Regulation Exam Dumps certificate will bring you many good helps and also help you get promoted. CPA-Regulation Exam Dumps practice materials are highly popular in the market compared with other materials from competitors whether on the volume of sales or content as well. All precise information on the CPA-Regulation Exam Dumps exam questions and high accurate questions are helpful. Once you purchased our CPA-Regulation Exam Dumps exam dump, we will try our best to help you pass CPA-Regulation Exam Dumps exam.
AICPA Certification CPA-Regulation Some of them can score more than 90%.
AICPA Certification CPA-Regulation Exam Dumps - Certified Public Accountant CPA Regulation They can be obtained within five minutes. Good CPA-Regulation Test Tutorial study guide will be a shortcut for you to well-directed prepare and practice efficiently, you will avoid do much useless efforts and do something interesting. Omgzlook releases 100% pass-rate CPA-Regulation Test Tutorial study guide files which guarantee candidates 100% pass exam in the first attempt.
All exam materials in CPA-Regulation Exam Dumps learning materials contain PDF, APP, and PC formats. They have the same questions and answers but with different using methods. If you like to take notes randomly according to your own habits while studying, we recommend that you use the PDF format of our CPA-Regulation Exam Dumps study guide.
AICPA CPA-Regulation Exam Dumps - God will help those who help themselves.
CPA-Regulation Exam Dumps real dumps revised and updated according to the syllabus changes and all the latest developments in theory and practice, our Certified Public Accountant CPA Regulation real dumps are highly relevant to what you actually need to get through the certifications tests. Moreover they impart you information in the format of CPA-Regulation Exam Dumps questions and answers that is actually the format of your real certification test. Hence not only you get the required knowledge but also find the opportunity to practice real exam scenario.
The only difference is that you harvest a lot of useful knowledge. Do not reject learning new things.
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.
We are facilitating the customers for the AICPA Veeam VMCE_v12 preparation with the advanced preparatory tools. We believe our study materials will be very useful and helpful for all people who are going to prepare for the CompTIA CAS-004 exam. Our ISTQB CTAL-TTA study materials offer you a free trial service, and you can download our trial questions bank for free. SAP C_S4CPR_2402 - Of course, if you choose our study materials, you will have the chance to experience our PDF version. Additionally, the Network Appliance NS0-521 exam takers can benefit themselves by using our testing engine and get numerous real Network Appliance NS0-521 exam like practice questions and answers.
Updated: May 24, 2022