Because it can help you prepare for the CPA-Regulation Test Guide exam. If you want to succeed in your exam and get the related exam, you have to set a suitable study program. If you decide to buy the CPA-Regulation Test Guide reference materials from our company, we will have special people to advise and support you. We boost professional expert team to organize and compile the CPA-Regulation Test Guide training guide diligently and provide the great service. Which kind of CPA-Regulation Test Guide certificate is most authorized, efficient and useful? We recommend you the CPA-Regulation Test Guide certificate because it can prove that you are competent in some area and boost outstanding abilities. A lot of people have given up when they are preparing for the CPA-Regulation Test Guide exam.
AICPA Certification CPA-Regulation Our research materials have many advantages.
Through all these years' experience, our CPA-Regulation - Certified Public Accountant CPA Regulation Test Guide training materials are becoming more and more prefect. You really can't find a more cost-effective product than CPA-Regulation Valid Test Dumps Free learning quiz! Our company wants more people to be able to use our products.
All exams from different suppliers will be easy to handle. Actually, this CPA-Regulation Test Guide exam is not only practical for working or studying conditions, but a manifest and prestigious show of your personal ability. Passing the CPA-Regulation Test Guide exam has never been so efficient or easy when getting help from our CPA-Regulation Test Guide training materials.
AICPA CPA-Regulation Test Guide - The reality is often cruel.
We attract customers by our fabulous CPA-Regulation Test Guide certification material and high pass rate, which are the most powerful evidence to show our strength. We are so proud to tell you that according to the statistics from our customers’ feedback, the pass rate among our customers who prepared for the exam with our CPA-Regulation Test Guide test guide have reached as high as 99%, which definitely ranks the top among our peers. Hence one can see that the Certified Public Accountant CPA Regulation learn tool compiled by our company are definitely the best choice for you.
A good learning platform should not only have abundant learning resources, but the most intrinsic things are very important, and the most intuitive things to users are also indispensable. The CPA-Regulation Test Guide test material is professional editorial team, each test product layout and content of proofreading are conducted by experienced professionals who have many years of rich teaching experiences, so by the editor of fine typesetting and strict check, the latest CPA-Regulation Test Guide exam torrent is presented to each user's page is refreshing, but also ensures the accuracy of all kinds of learning materials is extremely high.
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.
So we take this factor into consideration, develop the most efficient way for you to prepare for the CheckPoint 156-590 exam, that is the real questions and answers practice mode, firstly, it simulates the real Certified Public Accountant CPA Regulation test environment perfectly, which offers greatly help to our customers. We employ the senior lecturers and authorized authors who have published the articles about the test to compile and organize the SASInstitute A00-470 prep guide dump. To help you get to know the exam questions and knowledge of the Adobe AD0-E207 practice exam successfully and smoothly, our experts just pick up the necessary and essential content in to our Adobe AD0-E207 test guide with unequivocal content rather than trivia knowledge that exam do not test at all. We strongly advise you to buy our online engine and windows software of the Lpi 303-300 study materials, which can simulate the real test environment. Many exam candidates ascribe their success to our CheckPoint 156-590 real questions and become our regular customers eventually.
Updated: May 24, 2022