If you want to through AICPA CPA-Regulation Questions Vce certification exam, add the Omgzlook AICPA CPA-Regulation Questions Vce exam training to Shopping Cart quickly! The community has a lot of talent, people constantly improve their own knowledge to reach a higher level. But the country's demand for high-end IT staff is still expanding, internationally as well. As the questions of exams of our CPA-Regulation Questions Vce exam dumps are more or less involved with heated issues and customers who prepare for the exams must haven’t enough time to keep trace of exams all day long, our CPA-Regulation Questions Vce practice engine can serve as a conducive tool for you make up for those hot points you have ignored. You will be completed ready for your CPA-Regulation Questions Vce exam. One is PDF, and other is software, it is easy to download.
AICPA Certification CPA-Regulation It is convenient for the user to read.
So you can save your time to have a full preparation of CPA-Regulation - Certified Public Accountant CPA Regulation Questions Vce exam. As a matter of fact, since the establishment, we have won wonderful feedback and ceaseless business, continuously working on developing our Reliable CPA-Regulation Braindumps Files test prep. We have been specializing Reliable CPA-Regulation Braindumps Files 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.
The happiness from success is huge, so we hope that you can get the happiness after you pass CPA-Regulation Questions Vce exam certification with our developed software. Your success is the success of our Omgzlook, and therefore, we will try our best to help you obtain CPA-Regulation Questions Vce exam certification. We will not only spare no efforts to design CPA-Regulation Questions Vce exam materials, but also try our best to be better in all after-sale service.
AICPA CPA-Regulation Questions Vce - In fact, our aim is the same with you.
For a long time, high quality is our CPA-Regulation Questions Vce exam questions constantly attract students to participate in the use of important factors, only the guarantee of high quality, to provide students with a better teaching method, and at the same time the CPA-Regulation Questions Vce practice quiz brings more outstanding teaching effect. Our high-quality CPA-Regulation Questions Vce} learning guide help the students know how to choose suitable for their own learning method, our CPA-Regulation Questions Vce study materials are a very good option.
More importantly, it is evident to all that the CPA-Regulation Questions Vce training materials from our company have a high quality, and we can make sure that the quality of our products will be higher than other study materials in the market. If you want to pass the CPA-Regulation Questions Vce exam and get the related certification in the shortest time, choosing the CPA-Regulation Questions Vce training materials from our company will be in the best interests of all people.
CPA-Regulation PDF DEMO:
QUESTION NO: 1
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: 2
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: 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.
All the preparation material reflects latest updates in CompTIA CS0-003 certification exam pattern. AACN CCRN-Adult - The trick to the success is simply to be organized, efficient, and to stay positive about it. Microsoft MS-721 - This innovative facility provides you a number of practice questions and answers and highlights the weak points in your learning. Our Huawei H23-221_V1.0 study materials will never disappoint you. Cisco 350-401 - Our behavior has been strictly ethical and responsible to you, which is trust worthy.
Updated: May 24, 2022