All consumers who are interested in CPA-Regulation Sample Questions guide materials can download our free trial database at any time by visiting our platform. During the trial process, you can learn about the three modes of CPA-Regulation Sample Questions study quiz and whether the presentation and explanation of the topic in CPA-Regulation Sample Questions preparation questions is consistent with what you want. If you are interested in our products, I believe that after your trial, you will certainly not hesitate to buy it. As long as you pay for the dumps you want to get, you will get it immediately. Omgzlook has the exam materials that you most want to get and that best fit you. Once the pay is done, our customers will receive an e-mail from our company.
AICPA Certification CPA-Regulation Most companies think highly of this character.
However, we understand that some candidates are still more accustomed to the paper, so our CPA-Regulation - Certified Public Accountant CPA Regulation Sample Questions study materials provide customers with a variety of versions to facilitate your learning process: the PDF, Software and APP online. If you are forced to pass exams and obtain certification by your manger, our CPA-Regulation Exam Tips original questions will be a good choice for you. Our products can help you clear exams at first shot.
And you can free download the demos of our CPA-Regulation Sample Questions learning guide on our website, it is easy, fast and convenient. Our CPA-Regulation Sample Questions 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 Sample Questions exam with our assistance.
AICPA CPA-Regulation Sample Questions - But it is not easy to pass the exam.
Our CPA-Regulation Sample Questions free demo provides you with the free renewal in one year so that you can keep track of the latest points happening. As the questions of exams of our CPA-Regulation Sample Questions 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 Sample Questions 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 Sample Questions exam.
One is PDF, and other is software, it is easy to download. The IT professionals and industrious experts in Omgzlook make full use of their knowledge and experience to provide the best products for the candidates.
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 can lead you the best and the fastest way to reach for the certification of IBM S2000-020 exam dumps and achieve your desired higher salary by getting a more important position in the company. Omgzlook AICPA SAP P-S4FIN-2023 exam training materials is the best training materials. After your purchase of our IBM C1000-137 exam braindumps, the after sales services are considerate as well. Fortinet FCP_FWF_AD-7.4 - Our training materials, including questions and answers, the pass rate can reach 100%. Our Qlik QREP practice guide well received by the general public for immediately after you have made a purchase for our Qlik QREP exam prep, you can download our Qlik QREP study materials to make preparations for the exams.
Updated: May 24, 2022