If you free download the demos of the CPA-Regulation Exam Study Guide exam questions, I believe you have a deeper understanding of our products, and we must also trust our CPA-Regulation Exam Study Guide learning quiz. Our products can provide you with the high efficiency and high quality you need. Selecting our study materials is your rightful assistant with internationally recognized CPA-Regulation Exam Study Guide certification. Even if you know little about computers, you can easily begin to do exercises of the CPA-Regulation Exam Study Guide real exam dumps. Also, we have invited for many volunteers to try our study materials. If you encounter some problems when using our CPA-Regulation Exam Study Guide study materials, you can also get them at any time.
AICPA Certification CPA-Regulation Many people think this is incredible.
Choose CPA-Regulation - Certified Public Accountant CPA Regulation Exam Study Guide test guide to get you closer to success. Now our CPA-Regulation Valid Exam Pass4Sure actual test guide can make you the whole relax down, with all the troubles left behind. Involving all types of questions in accordance with the real exam content, our CPA-Regulation Valid Exam Pass4Sure exam questions are compiled to meet all of your requirements.
It is common in modern society that many people who are more knowledgeable and capable than others finally lost some good opportunities for development because they didn’t obtain the CPA-Regulation Exam Study Guide certification. The prerequisite for obtaining the CPA-Regulation Exam Study Guide certification is to pass the exam, but not everyone has the ability to pass it at one time. But our CPA-Regulation Exam Study Guide exam questions will help you pass the exam by just one go for we have the pass rate high as 98% to 100%.
So our AICPA CPA-Regulation Exam Study Guide study questions are their best choice.
With the rise of internet and the advent of knowledge age, mastering knowledge about computer is of great importance. This CPA-Regulation Exam Study Guide exam is your excellent chance to master more useful knowledge of it. Up to now, No one has questioned the quality of our CPA-Regulation Exam Study Guide training materials, for their passing rate has reached up to 98 to 100 percent. If you make up your mind of our CPA-Regulation Exam Study Guide exam questions after browsing the free demos, we will staunchly support your review and give you a comfortable and efficient purchase experience this time.
And our online test engine and the windows software of the CPA-Regulation Exam Study Guide guide materials are designed more carefully. During our researching and developing, we always obey the principles of conciseness and exquisiteness.
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.
Amazon SAA-C03-KR - You will become a master of learning in the eyes of others. To choose Omgzlook you can feel at ease to prepare your AICPA WGU Organizational-Behaviors-and-Leadership exam. IAM IAM-Certificate - Various study forms are good for boosting learning interests. If you purchase the training materials we provide, you can pass AICPA certification HP HPE7-A01 exam successfully. SAP C_ABAPD_2309 - Sometimes, we will receive some good suggestions from our users.
Updated: May 24, 2022