If you are forced to pass exams and obtain certification by your manger, our CPA-Regulation Exam Labs original questions will be a good choice for you. Our products can help you clear exams at first shot. We promise that we provide you with best quality CPA-Regulation Exam Labs original questions and competitive prices. Our CPA-Regulation Exam Labs study materials are different from common study materials, which can motivate you to concentrate on study. Up to now, many people have successfully passed the CPA-Regulation Exam Labs exam with our assistance. The exam simulation will mark your mistakes and help you play well in CPA-Regulation Exam Labs practice test.
AICPA Certification CPA-Regulation We can help you to achieve your goals.
We can lead you the best and the fastest way to reach for the certification of CPA-Regulation - Certified Public Accountant CPA Regulation Exam Labs exam dumps and achieve your desired higher salary by getting a more important position in the company. I think that for me is nowhere in sight. But to succeed you can have a shortcut, as long as you make the right choice.
We have considerate after sales services with genial staff. They are willing to solve the problems of our CPA-Regulation Exam Labs training guide 24/7 all the time. If you have any question that you don't understand, just contat us and we will give you the most professional advice immediately.
AICPA CPA-Regulation Exam Labs - It is unmarched high as 98% to 100%.
Sometimes hesitating will lead to missing a lot of opportunities. If you think a lot of our CPA-Regulation Exam Labs exam dumps PDF, you should not hesitate again. Too much hesitating will just waste a lot of time. Our CPA-Regulation Exam Labs exam dumps PDF can help you prepare casually and pass exam easily. If you make the best use of your time and obtain a useful certification you may get a senior position ahead of others. Chance favors the prepared mind. Omgzlook provide the best CPA-Regulation Exam Labs exam dumps PDF materials in this field which is helpful for you.
If you have any questions, you can contact our specialists. We will provide you with thoughtful service.
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.
There are EMC D-PM-IN-23 real questions available for our candidates with accurate answers and detailed explanations. Our Huawei H13-323_V1.0 learning materials are new but increasingly popular choices these days which incorporate the newest information and the most professional knowledge of the practice exam. Our EMC D-PVM-OE-23 exam dumps are required because people want to get succeed in IT field by clearing the certification exam. HP HP2-I71 - If you have any questions about Certified Public Accountant CPA Regulation test torrent or there are any problems existing in the process of the refund you can contact us by mails or contact our online customer service personnel and we will reply and solve your doubts or questions promptly. The HP HPE6-A72 practice download pdf offered by Omgzlook can give you some reference.
Updated: May 24, 2022