Our company committed all versions of CPA-Regulation Guide Torrent practice materials attached with free update service. When CPA-Regulation Guide Torrent exam preparation has new updates, the customer services staff will send you the latest version. So we never stop the pace of offering the best services and CPA-Regulation Guide Torrent practice materials for you. You will come across almost all similar questions in the real CPA-Regulation Guide Torrent exam. Then the unfamiliar questions will never occur in the examination. So prepared to be amazed by our CPA-Regulation Guide Torrent learning guide!
AICPA Certification CPA-Regulation People are engaged in modern society.
As long as you practice our CPA-Regulation - Certified Public Accountant CPA Regulation Guide Torrent test question, you can pass exam quickly and successfully. One of the great advantages is that you will soon get a feedback after you finish the exercises. So you are able to adjust your learning plan of the Latest CPA-Regulation Exam Labs guide test flexibly.
At the same time, the language in CPA-Regulation Guide Torrent test question is very simple and easy to understand. Even if you are a newcomer who has just entered the industry, you can learn all the knowledge points without any obstacles. We believe that CPA-Regulation Guide Torrent study tool will make you fall in love with learning.
AICPA CPA-Regulation Guide Torrent - 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 Guide Torrent 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 Guide Torrent 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 Guide Torrent study guide prepared for you.
Our CPA-Regulation Guide Torrent 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 Guide Torrent 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
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
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: 4
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: 5
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.
Salesforce Data-Cloud-Consultant - Our target is to reduce your pressure and improve your learning efficiency from preparing exam. If you buy our PECB ISO-IEC-27001-Lead-Auditor-KR exam questions, then you will find that Our PECB ISO-IEC-27001-Lead-Auditor-KR actual exam has covered all the knowledge that must be mastered in the exam. And our Qlik QREP training questions are popular in the market. So, please give the Microsoft DP-420 study materials a chance to help you. IBM C1000-184 - The three versions are very flexible for all customers to operate.
Updated: May 24, 2022