At the same time, our proffesional experts are keeping a close eye on the changes of the exam questions and answers. So that our CPA-Regulation Exam Camp Materials study guide can be the latest and most accurate. In order to ensure the quality of our CPA-Regulation Exam Camp Materials preparation materials, we specially invited experienced team of experts to write them. Without doubt, we are the best vendor in this field and we also provide the first-class service for you. As long as you get to know our CPA-Regulation Exam Camp Materials exam questions, you will figure out that we have set an easier operation system for our candidates. As we all know, it is difficult for you to prepare a CPA-Regulation Exam Camp Materials exam by yourself.
AICPA Certification CPA-Regulation No company in the field can surpass us.
With high-quality CPA-Regulation - Certified Public Accountant CPA Regulation Exam Camp Materials guide materials and flexible choices of learning mode, they would bring about the convenience and easiness for you. Because, after all, Free CPA-Regulation Questions And Answers is a very important certified exam of AICPA. But Free CPA-Regulation Questions And Answers exam is not so simple.
With passing rate up to 98 percent and above, our CPA-Regulation Exam Camp Materials practice materials are highly recommended among exam candidates. So their validity and authority are unquestionable. Our CPA-Regulation Exam Camp Materials learning materials are just staring points for exam candidates, and you may meet several challenging tasks or exams in the future about computer knowledge, we can still offer help.
AICPA CPA-Regulation Exam Camp Materials - This is a practice test website.
If you require any further information about either our CPA-Regulation Exam Camp Materials preparation exam or our corporation, please do not hesitate to let us know. High quality CPA-Regulation Exam Camp Materials practice materials leave a good impression on the exam candidates and bring more business opportunities in the future. And many of our cutomers use our CPA-Regulation Exam Camp Materials exam questions as their exam assistant and establish a long cooperation with us.
Omgzlook site has a long history of providing AICPA CPA-Regulation Exam Camp Materials exam certification training materials. It has been a long time in certified IT industry with well-known position and visibility.
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.
We assume all the responsibilities our EMC D-PST-OE-23 simulating practice may bring you foreseeable outcomes and you will not regret for believing in us assuredly. ISQI CTAL-TTA_Syll19_4.0 - Omgzlook is a professional IT certification sites, the certification success rate is 100%. Our SAP C_ARCIG_2404 study guide may not be as famous as other brands for the time being, but we can assure you that we won't lose out on quality. ASQ CQE - So that the pass rate of Omgzlook is very high. To address this issue, our Cisco 300-815 actual exam offers three different versions for users to choose from.
Updated: May 24, 2022