Although the CPA-Regulation Exam Questions Pdf exam is an exam to test your mastery of the knowledge of CPA-Regulation Exam Questions Pdf, but there are so many factor to influence the result. As long as you choose our CPA-Regulation Exam Questions Pdf exam materials, you never have to worry about this problem. Because we will provide you a chance to replace other exam question bank if you didn’t pass the CPA-Regulation Exam Questions Pdf exam at once. Our Omgzlook team always provide the best quality service in the perspective of customers. There are many reasons why we are be trusted: 24-hour online customer service, the free experienced demo for CPA-Regulation Exam Questions Pdf exam materials, diversity versions, one-year free update service after purchase, and the guarantee of no help full refund. When the some candidates through how many years attempted to achieve a goal to get CPA-Regulation Exam Questions Pdf certification, had still not seen success hope, candidate thought always depth is having doubts unavoidably bog: can I get CPA-Regulation Exam Questions Pdf certification? When can I get CPA-Regulation Exam Questions Pdf certification? In this a succession of question behind, is following close on is the suspicion and lax.
Come and buy our CPA-Regulation Exam Questions Pdf exam guide!
We provide one year studying assist service and one year free updates downloading of AICPA CPA-Regulation - Certified Public Accountant CPA Regulation Exam Questions Pdf exam questions. Up to now, many people have successfully passed the CPA-Regulation Exam Torrent exam with our assistance. So you need to be brave enough to have a try.
Most IT workers prefer to choose our online test engine for their CPA-Regulation Exam Questions Pdf exam prep because online version is more flexible and convenient. With the help of our online version, you can not only practice our CPA-Regulation Exam Questions Pdf exam pdf in any electronic equipment, but also make you feel the atmosphere of CPA-Regulation Exam Questions Pdf actual test. The exam simulation will mark your mistakes and help you play well in CPA-Regulation Exam Questions Pdf practice test.
AICPA CPA-Regulation Exam Questions Pdf - At last, you will not regret your choice.
we can give you 100% pass rate guarantee. CPA-Regulation Exam Questions Pdf practice quiz is equipped with a simulated examination system with timing function, allowing you to examine your CPA-Regulation Exam Questions Pdf learning results at any time, keep checking for defects, and improve your strength. Besides, during the period of using CPA-Regulation Exam Questions Pdf learning guide, we also provide you with 24 hours of free online services, which help to solve any problem for you at any time and sometimes mean a lot to our customers.
Through our short-term special training You can quickly grasp IT professional knowledge, and then have a good preparation for your exam. We promise that we will do our best to help you pass the AICPA certification CPA-Regulation Exam Questions Pdf exam.
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.
Our ECCouncil 212-82 exam materials give real exam environment with multiple learning tools that allow you to do a selective study and will help you to get the job that you are looking for. EMC D-PSC-MN-01 - We will provide one year free update service for those customers who choose Omgzlook's products. The SAP C-S4TM-2023 sample questions include all the files you need to prepare for the AICPA SAP C-S4TM-2023 exam. EMC D-ECS-DY-23 - Our resources are constantly being revised and updated, with a close correlation. Furthermore, it is our set of SAP C-ARCON-2404 brain dumps that stamp your success with a marvelous score.
Updated: May 24, 2022