You must muster up the courage to challenge yourself. It is useless if you do not prepare well. You must seize the good chances when it comes. It must be difficult for you to prepare the CPA-Regulation Test Prep exam. Then our study materials can give you some guidance. As we all know, time and tide wait for no man.
AICPA Certification CPA-Regulation I wish you good luck.
With our exclusive online AICPA CPA-Regulation - Certified Public Accountant CPA Regulation Test Prep exam training materials, you'll easily through AICPA CPA-Regulation - Certified Public Accountant CPA Regulation Test Prep exam. IT authentication certificate is a best proof for your IT professional knowledge and experience. AICPA CPA-Regulation Learning Mode is a very important certification exam in the IT industry and passing AICPA certification CPA-Regulation Learning Mode exam is very difficult.
Passed the exam certification in the IT industry will be reflected in international value. There are many dumps and training materials providers that would guarantee you pass the AICPA CPA-Regulation Test Prep exam. Omgzlook speak with the facts, the moment when the miracle occurs can prove every word we said.
AICPA CPA-Regulation Test Prep - We absolutely protect the interests of consumers.
Are you worrying about how to pass AICPA CPA-Regulation Test Prep test? Now don't need to worry about the problem. Omgzlook that committed to the study of AICPA CPA-Regulation Test Prep certification exam for years has a wealth of experience and strong exam dumps to help you effectively pass your exam. Whether to pass the exam successfully, it consists not in how many materials you have seen, but in if you find the right method. Omgzlook is the right method which can help you sail through AICPA CPA-Regulation Test Prep certification exam.
Its accuracy rate is 100% and let you take the exam with peace of mind, and pass the exam easily. In order to meet the needs of each candidate, the team of IT experts in Omgzlook are using their experience and knowledge to improve the quality of exam training materials constantly.
CPA-Regulation PDF DEMO:
QUESTION NO: 1
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: 2
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: 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.
What we provide for you is the latest and comprehensive Splunk SPLK-5002 exam dumps, the safest purchase guarantee and the immediate update of Splunk SPLK-5002 exam software. SAP C-ARP2P-2404 - So, the competition is in fierce in IT industry. We will be with you in every stage of your Salesforce Nonprofit-Cloud-Consultant exam preparation to give you the most reliable help. Huawei H19-308_V4.0 - There is no better certification training materials than Omgzlook dumps. Cisco 300-730 - With the pdf papers, you can write and make notes as you like, which is very convenient for memory.
Updated: May 24, 2022