Omgzlook's AICPA CPA-Regulation Latest Braindumps Pdf exam training materials can help you 100% pass the exam. This is a real news. If you want to scale new heights in the IT industry, select Omgzlook please. We have made all efforts to update our products in order to help you deal with any change, making you confidently take part in the CPA-Regulation Latest Braindumps Pdf exam. Every day they are on duty to check for updates of CPA-Regulation Latest Braindumps Pdf study materials for providing timely application. It includes questions and answers, and issimilar with the real exam questions.
AICPA Certification CPA-Regulation You cannot always stay in one place.
AICPA Certification CPA-Regulation Latest Braindumps Pdf - Certified Public Accountant CPA Regulation Time and tide wait for no man. The CPA-Regulation Latest Practice Test Fee certification exam training tools contains the latest studied materials of the exam supplied by IT experts. In the past few years, AICPA certification CPA-Regulation Latest Practice Test Fee exam has become an influenced computer skills certification exam.
Our CPA-Regulation Latest Braindumps Pdf practice materials are suitable to exam candidates of different levels. And after using our CPA-Regulation Latest Braindumps Pdf learning prep, they all have marked change in personal capacity to deal with the CPA-Regulation Latest Braindumps Pdf exam intellectually. The world is full of chicanery, but we are honest and professional in this area over ten years.
AICPA CPA-Regulation Latest Braindumps Pdf - We provide one –year free updates; 3.
Perhaps you have wasted a lot of time to playing computer games. It doesn’t matter. It is never too late to change. There is no point in regretting for the past. Our CPA-Regulation Latest Braindumps Pdf exam questions can help you compensate for the mistakes you have made in the past. You will change a lot after learning our CPA-Regulation Latest Braindumps Pdf study materials. And most of all, you will get reward by our CPA-Regulation Latest Braindumps Pdf training engine in the least time with little effort.
If you master all key knowledge points, you get a wonderful score. If you choose our CPA-Regulation Latest Braindumps Pdf exam review questions, you can share fast download.
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
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: 3
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: 4
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: 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.
It is known to us that more and more companies start to pay high attention to the Pegasystems PEGACPSA23V1 certification of the candidates. We offer you the most accurate HP HP2-I73 exam answers that will be your key to pass the certification exam in your first try. After a long period of research and development, our CompTIA CV0-003 test questions have been the leader study materials in the field. Preparing for the Splunk SPLK-5002 real exam is easier if you can select the right test questions and be sure of the answers. And you can free download the demos of the Microsoft DP-900-KR learning quiz.
Updated: May 24, 2022