No matter where you are, you can choose your favorite equipment to study our CPA-Regulation Exam Preview learning materials. As you may know that we have three different CPA-Regulation Exam Preview exam questions which have different advantages for you to choose. CPA-Regulation Exam Preview practice prep broke the limitations of devices and networks. In modern society, we are busy every day. So the individual time is limited. What certificate? Certificates are certifying that you have passed various qualifying examinations.
CPA-Regulation Exam Preview exam prep look forward to meeting you.
You will enjoy our newest version of the CPA-Regulation - Certified Public Accountant CPA Regulation Exam Preview study prep after you have purchased them. After you use our study materials, you can get Latest CPA-Regulation Test Fee certification, which will better show your ability, among many competitors, you will be very prominent. Using Latest CPA-Regulation Test Fee exam prep is an important step for you to improve your soft power.
Also, you must open the online engine of the study materials in a network environment for the first time. In addition, the CPA-Regulation Exam Preview study dumps don’t occupy the memory of your computer. When the online engine is running, it just needs to occupy little running memory.
AICPA CPA-Regulation Exam Preview - It will be a first step to achieve your dreams.
There may be a lot of people feel that the preparation process for CPA-Regulation Exam Preview exams is hard and boring, and hard work does not necessarily mean good results, which is an important reason why many people are afraid of examinations. Today, our CPA-Regulation Exam Preview exam materials will radically change this. High question hit rate makes you no longer aimless when preparing for the exam, so you just should review according to the content of our CPA-Regulation Exam Preview study guide prepared for you.
Our CPA-Regulation Exam Preview real exam try to ensure that every customer is satisfied, which can be embodied in the convenient and quick refund process. Although the passing rate of our CPA-Regulation Exam Preview training quiz is close to 100%, if you are still worried, we can give you another guarantee: if you don't pass the exam, you can get a full refund.
CPA-Regulation PDF DEMO:
QUESTION NO: 1
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: 2
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: 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
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: 5
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.
SAP C-S4EWM-2023 - Our target is to reduce your pressure and improve your learning efficiency from preparing exam. If you buy our ASQ CSQE exam questions, then you will find that Our ASQ CSQE actual exam has covered all the knowledge that must be mastered in the exam. And our IIBA ECBA training questions are popular in the market. So, please give the Microsoft MS-102 study materials a chance to help you. Pegasystems PEGAPCDC87V1 - The three versions are very flexible for all customers to operate.
Updated: May 24, 2022