We often ask, what is the purpose of learning? Why should we study? Why did you study for CPA-Regulation Test Onlineexam so long? As many people think that, even if one day we forget the formula for the area of a triangle, we can still live very well, but if it were not for the knowledge of learning CPA-Regulation Test Online exam and try to obtain certification, how can we have the opportunity to good to future life? So, the examination is necessary, only to get the test CPA-Regulation Test Online certification, get a certificate, to prove better us, to pave the way for our future life. Our website aimed to helping you and fully supporting you to pass CPA-Regulation Test Online actual test with high passing score in your first try. So we prepared top CPA-Regulation Test Online pdf torrent including the valid questions and answers written by our certified professionals for you. If you are willing to try our CPA-Regulation Test Online study materials, we believe you will not regret your choice.
AICPA Certification CPA-Regulation And a brighter future is waiting for you.
We are facilitating the customers for the AICPA CPA-Regulation - Certified Public Accountant CPA Regulation Test Online preparation with the advanced preparatory tools. We believe our study materials will be very useful and helpful for all people who are going to prepare for the CPA-Regulation Reliable Exam Blueprint exam. There are a lot of excellent experts and professors in our company.
we believe that all students who have purchased CPA-Regulation Test Online practice dumps will be able to successfully pass the professional qualification exam as long as they follow the content provided by our CPA-Regulation Test Online study materials, study it on a daily basis, and conduct regular self-examination through mock exams. Our CPA-Regulation Test Online study materials offer you a free trial service, and you can download our trial questions bank for free. I believe that after you try CPA-Regulation Test Online training engine, you will love them.
AICPA CPA-Regulation Test Online - Also, the system will deduct the relevant money.
We all know that CPA-Regulation Test Online learning guide can help us solve learning problems. But if it is too complex, not only can’t we get good results, but also the burden of students' learning process will increase largely. Unlike those complex and esoteric materials, our CPA-Regulation Test Online preparation prep is not only of high quality, but also easy to learn. For our professional experts simplified the content of theCPA-Regulation Test Online exam questions for all our customers to be understood.
Now, we have launched some popular CPA-Regulation Test Online training prep to meet your demands. And you will find the quality of the CPA-Regulation Test Online learning quiz is the first-class and it is very convenient to download it.
CPA-Regulation PDF DEMO:
QUESTION NO: 1
Allen owns 100 shares of Prime Corp., a publicly-traded company, which Allen purchased on
January
1, 2001, for $10,000. On January 1, 2003, Prime declared a 2-for-1 stock split when the fair market value (FMV) of the stock was $120 per share. Immediately following the split, the FMV of Prime stock was $62 per share. On February 1, 2003, Allen had his broker specifically sell the 100 shares of Prime stock received in the split when the FMV of the stock was $65 per share. What amount should Allen recognize as long-term capital gain income on his Form 1040, U.S. Individual Income Tax Return, for
2003?
A. $750
B. $300
C. $2,000
D. $1,500
Answer: D
Explanation
Choice "c" is correct. The receipt of a nontaxable stock dividend will require the shareholder to spread the basis of his original shares over both the original shares and the new shares received, resulting in the same total basis but a lower basis per share of stock helD. Therefore, Allen's total basis remains the same, $10,000, but is now split between 200 shares (a 2-for-1 split and he originally owned 100 shares).
Therefore, his basis per share goes from $100/share ( $10,000/100) to $50/share ( $10,000/200).
Consequently, his basis in the 100 shares sold is 100 x $50 = $5,000. Calculate his gain as follows:
Choices "a", "b", and "d" are incorrect.
QUESTION NO: 2
Adams owns a second residence that is used for both personal and rental purposes. During
2001, Adams used the second residence for 50 days and rented the residence for 200 days. Which of the following statements is correct?
A. All mortgage interest and taxes on the property will be deducted to determine the property's net income or loss.
B. Depreciation may not be deducted on the property under any circumstances.
C. Utilities and maintenance on the property must be divided between personal and rental use.
D. A rental loss may be deducted if rental-related expenses exceed rental income.
Answer: C
Explanation
Choice "c" is correct. Because the second property was personally used more than 14 days, any net loss from the rental of the property will be disallowed.
All related expenses must be prorated between the personal use portion and the rental activity portion.
Prorated depreciation is permitted for the rental activity.
QUESTION NO: 3
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: 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
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.
All applicants who are working on the EMC D-AV-DY-23 exam are expected to achieve their goals, but there are many ways to prepare for exam. Our BCS TTA-19 study materials can help you get your certification in the least time with the least efforts. Network Appliance NS0-700 - Users can evaluate our products by downloading free demo templates prior to formal purchase. In a word, you need not to spend time on adjusting the PDF version of the Cisco 300-730 exam questions. Netskope NSK101 - Believe that there is such a powerful expert help, our users will be able to successfully pass the qualification test to obtain the qualification certificate.
Updated: May 24, 2022