Omgzlook's providing training material is very close to the content of the formal examination. Through our short-term special training You can quickly grasp IT professional knowledge, and then have a good preparation for your exam. We promise that we will do our best to help you pass the AICPA certification CPA-Regulation Exam Review exam. By clearing different AICPA exams, you can easily land your dream job. If you are looking to find high paying jobs, then AICPA certifications can help you get the job in the highly reputable organization. We will provide one year free update service for those customers who choose Omgzlook's products.
You will be completed ready for your CPA-Regulation Exam Review exam.
AICPA Certification CPA-Regulation Exam Review - Certified Public Accountant CPA Regulation One is PDF, and other is software, it is easy to download. Our company owns the most popular reputation in this field by providing not only the best ever Latest Test CPA-Regulation Cram Pdf study guide but also the most efficient customers’ servers. We can lead you the best and the fastest way to reach for the certification of Latest Test CPA-Regulation Cram Pdf exam dumps and achieve your desired higher salary by getting a more important position in the company.
Then go to buy Omgzlook's AICPA CPA-Regulation Exam Review exam training materials, it will help you achieve your dreams. If you have a faith, then go to defend it. Gorky once said that faith is a great emotion, a creative force.
AICPA CPA-Regulation Exam Review - There are no better dumps at the moment.
The CPA-Regulation Exam Review test materials are mainly through three learning modes, Pdf, Online and software respectively. Among them, the software model is designed for computer users, can let users through the use of Windows interface to open the CPA-Regulation Exam Review test prep of learning. It is convenient for the user to read. The CPA-Regulation Exam Review test materials have a biggest advantage that is different from some online learning platform which has using terminal number limitation, the CPA-Regulation Exam Review quiz torrent can meet the client to log in to learn more, at the same time, the user can be conducted on multiple computers online learning, greatly reducing the time, and people can use the machine online of CPA-Regulation Exam Review test prep more conveniently at the same time. As far as concerned, the online mode for mobile phone clients has the same function.
Are you still searching proper CPA-Regulation Exam Review exam study materials, or are you annoying of collecting these study materials? As the professional IT exam dumps provider, Omgzlook has offered the complete CPA-Regulation Exam Review exam materials for you. So you can save your time to have a full preparation of CPA-Regulation Exam Review exam.
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 have been specializing GAQM CSCM-001 exam dumps many years and have a great deal of long-term old clients, and we would like to be a reliable cooperator on your learning path and in your further development. We will not only spare no efforts to design EMC D-ISM-FN-23-KR exam materials, but also try our best to be better in all after-sale service. The existence of our Salesforce Public-Sector-Solutions learning guide is regarded as in favor of your efficiency of passing the Salesforce Public-Sector-Solutions exam. In order to let you be rest assured to purchase our products, we offer a variety of versions of the samples of CompTIA SY0-701 study materials for your trial. if you choose to use the software version of our ServiceNow CIS-VR study guide, you will find that you can download our ServiceNow CIS-VR exam prep on more than one computer and you can practice our ServiceNow CIS-VR exam questions offline as well.
Updated: May 24, 2022