Excellent guidance is indispensable. If you urgently need help, come to buy our study materials. Our company has been regarded as the most excellent online retailers of the CPA-Regulation Test Practice exam question. Our CPA-Regulation Test Practice certification questions are close to the real exam and the questions and answers of the test bank cover the entire syllabus of the real exam and all the important information about the exam. Our CPA-Regulation Test Practice learning dump can stimulate the real exam’s environment to make the learners be personally on the scene and help the learners adjust the speed when they attend the real exam. By contrasting with other products in the industry, our CPA-Regulation Test Practice test guide really has a higher pass rate, which has been verified by many users.
AICPA Certification CPA-Regulation You can get what you want!
AICPA Certification CPA-Regulation Test Practice - Certified Public Accountant CPA Regulation Our training materials can help you pass the IT exams. We will adopt and consider it into the renovation of the Latest CPA-Regulation Exam Cram Sheet File exam guide. Anyway, after your payment, you can enjoy the one-year free update service with our guarantee.
So the choice is important. Omgzlook's AICPA CPA-Regulation Test Practice exam training materials are the best things to help each IT worker to achieve the ambitious goal of his life. It includes questions and answers, and issimilar with the real exam questions.
AICPA CPA-Regulation Test Practice - Don’t hesitate any more.
In the past few years, AICPA certification CPA-Regulation Test Practice exam has become an influenced computer skills certification exam. However, how to pass AICPA certification CPA-Regulation Test Practice exam quickly and simply? Our Omgzlook can always help you solve this problem quickly. In Omgzlook we provide the CPA-Regulation Test Practice certification exam training tools to help you pass the exam successfully. The CPA-Regulation Test Practice certification exam training tools contains the latest studied materials of the exam supplied by IT experts.
To pass the exam in limited time, you will find it as a piece of cake with the help of our CPA-Regulation Test Practice study engine! Our CPA-Regulation Test Practice practice materials are suitable to exam candidates of different levels.
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.
The industrious Omgzlook's IT experts through their own expertise and experience continuously produce the latest AICPA Amazon SAP-C02 training materials to facilitate IT professionals to pass the AICPA certification Amazon SAP-C02 exam. They are abundant and effective enough to supply your needs of the SAP C_S4FCF_2023 exam. SASInstitute A00-470 - If you fail to pass the exam, Omgzlook will full refund to you. We are determined to give hand to the candidates who want to pass their EMC D-XTR-DY-A-24 exam smoothly and with ease by their first try. In order to pass AICPA certification Fortinet FCSS_ADA_AR-6.7 exam some people spend a lot of valuable time and effort to prepare, but did not succeed.
Updated: May 24, 2022