What is your reason for wanting to be certified with CPA-Regulation Test Answers? I believe you must want to get more opportunities. As long as you use CPA-Regulation Test Answers learning materials and get a CPA-Regulation Test Answers certificate, you will certainly be appreciated by the leaders. As you can imagine that you can get a promotion sooner or latter, not only on the salary but also on the position, so what are you waiting for? Just come and buy our CPA-Regulation Test Answers study braindumps. If you are an IT staff, it will be your indispensable training materials. Do not take your future betting on tomorrow. The system of CPA-Regulation Test Answers test guide will keep track of your learning progress in the whole course.
AICPA Certification CPA-Regulation .
AICPA Certification CPA-Regulation Test Answers - Certified Public Accountant CPA Regulation But it is not necessary to spend a lot of time and effort to learn the expertise. You never know what you can get till you try. It is universally acknowledged that mock examination is of great significance for those who are preparing for the exam since candidates can find deficiencies of their knowledge as well as their shortcomings in the practice test, so that they can enrich their knowledge before the real CPA-Regulation Latest Test Collection Pdf exam.
God wants me to be a person who have strength, rather than a good-looking doll. When I chose the IT industry I have proven to God my strength. But God forced me to keep moving.
AICPA CPA-Regulation Test Answers - In fact we have no limit for computer quantity.
The clients only need 20-30 hours to learn the CPA-Regulation Test Answers exam questions and prepare for the test. Many people may complain that we have to prepare for the CPA-Regulation Test Answers test but on the other side they have to spend most of their time on their most important things such as their jobs, learning and families. But if you buy our CPA-Regulation Test Answers study guide you can both do your most important thing well and pass the test easily because the preparation for the test costs you little time and energy.
These CPA-Regulation Test Answers real questions and answers contain the latest knowledge points and the requirement of the certification exam. High quality and accurate of CPA-Regulation Test Answers pass guide will be 100% guarantee to clear your test and get the certification with less time and effort.
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.
The Certified Public Accountant CPA Regulation prepare torrent has many professionals, and they monitor the use of the user environment and the safety of the learning platform timely, for there are some problems with those still in the incubation period of strict control, thus to maintain the Nutanix NCSE-Core quiz guide timely, let the user comfortable working in a better environment. To keep you updated with latest changes in the NetSuite NetSuite-Administrator test questions, we offer one-year free updates in the form of new questions according to the requirement of NetSuite NetSuite-Administrator real exam. As is known to all, our The Open Group OGEA-101 simulating materials are high pass-rate in this field, that's why we are so famous. SAP C-ARCIG-2404 - Omgzlook enjoys the reputation of a reliable study material provider to those professionals who are keen to meet the challenges of industry and work hard to secure their positions in it. Our Microsoft MS-900 exam questions have the merits of intelligent application and high-effectiveness to help our clients study more leisurely.
Updated: May 24, 2022