Instead of blindly studying relevant knowledge the exam demands, you can do some valuable questions. The efficient exam dumps is essential tool to prepare for CPA-Regulation Study Questions test. Come on and purchase Omgzlook AICPA CPA-Regulation Study Questions practice test dumps. In addition, our CPA-Regulation Study Questions provides end users with real questions and answers. We have been working hard to update the latest CPA-Regulation Study Questions learning materials and provide all users with the correct CPA-Regulation Study Questions answers. But as long as you get the right shortcut, it is easy to pass your exam.
AICPA Certification CPA-Regulation Our products are just suitable for you.
AICPA Certification CPA-Regulation Study Questions - Certified Public Accountant CPA Regulation The training materials of Omgzlook are developed by many IT experts' continuously using their experience and knowledge to study, and the quality is very good and have very high accuracy. You will get your CPA-Regulation Valid Exam Vce certification with little time and energy by the help of out dumps. Omgzlook is constantly updated in accordance with the changing requirements of the AICPA certification.
If you buy the Omgzlook's products, we will not only spare no effort to help you pass the certification exam, but also provide a free update and upgrade service. If the official change the outline of the certification exam, we will notify customers immediately. If we have any updated version of test software, it will be immediately pushed to customers.
AICPA CPA-Regulation Study Questions - 100% guarantee to pass IT certification test.
The disparity between our CPA-Regulation Study Questions practice materials and others are distinct. We strive for perfection all these years and get satisfactory results with concerted cooperation between experts, and all questions points in our CPA-Regulation Study Questions real exam are devised and written base on the real exam. Do not let other CPA-Regulation Study Questions study dumps mess up your performance or aggravate learning difficulties. The efficiency and accuracy of our CPA-Regulation Study Questions learning guide will not let you down.
If you don't want to waste a lot of time and efforts on the exam, you had better select Omgzlook AICPA CPA-Regulation Study Questions dumps. Using this certification training dumps can let you improve the efficiency of your studying so that it can help you save much more time.
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.
Remember that each Salesforce Data-Cloud-Consultant exam preparation is built from a common certification foundation.Salesforce Data-Cloud-Consultant prepareation will provide the most excellent and simple method to pass your Salesforce Data-Cloud-Consultant Certification Exams on the first attempt. Omgzlook won a good reputation by these candidates that have passed AICPA SAP C-ARSOR-2404 certification exam. The Microsoft DP-300 preparation products available here are provided in line with latest changes and updates in Microsoft DP-300 syllabus. Our IT elite finally designs the best Amazon SOA-C02-KR exam study materials by collecting the complex questions and analyzing the focal points of the exam over years. After our unremitting efforts, American College of Rheumatology RhMSUS learning guide comes in everybody's expectation.
Updated: May 24, 2022