Our experts will check whether there is an update every day, so you needn’t worry about the accuracy of CPA-Regulation Latest Exam Guide study materials. If there is an update system, we will send them to the customer automatically. As is known to all, our CPA-Regulation Latest Exam Guide simulating materials are high pass-rate in this field, that's why we are so famous. Omgzlook enjoys the reputation of a reliable study material provider to those professionals who are keen to meet the challenges of industry and work hard to secure their positions in it. If you are preparing for a CPA-Regulation Latest Exam Guide certification test, the CPA-Regulation Latest Exam Guide exam dumps from Omgzlook can prove immensely helpful for you in passing your desired CPA-Regulation Latest Exam Guide exam. If you prepare with our CPA-Regulation Latest Exam Guide actual exam for 20 to 30 hours, the CPA-Regulation Latest Exam Guide exam will become a piece of cake in front of you.
AICPA Certification CPA-Regulation Do not worry.
You do not need to spend money; because our CPA-Regulation - Certified Public Accountant CPA Regulation Latest Exam Guide test questions provide you with the demo for free. If you decide to buy our Cheap CPA-Regulation Dumps study question, we can promise that we will send you the latest information every day. As is known to us, it must be of great importance for you to keep pace with the times.
The most notable feature of our CPA-Regulation Latest Exam Guide learning quiz is that they provide you with the most practical solutions to help you learn the exam points of effortlessly and easily, then mastering the core information of the certification course outline. Their quality of our CPA-Regulation Latest Exam Guide study guide is much higher than the quality of any other materials, and questions and answers of CPA-Regulation Latest Exam Guide training materials contain information from the best available sources.
AICPA CPA-Regulation Latest Exam Guide - Perhaps you do not understand.
For years our team has built a top-ranking brand with mighty and main which bears a high reputation both at home and abroad. The sales volume of the CPA-Regulation Latest Exam Guide test practice guide we sell has far exceeded the same industry and favorable rate about our products is approximate to 100%. Why the clients speak highly of our CPA-Regulation Latest Exam Guide exam dump? Our dedicated service, high quality and passing rate and diversified functions contribute greatly to the high prestige of our products. We provide free trial service before the purchase, the consultation service online after the sale, free update service and the refund service in case the clients fail in the test.
As long as you are convenient, you can choose to use a computer to learn, you can also choose to use mobile phone learning. No matter where you are, you can choose your favorite equipment to study our CPA-Regulation Latest Exam Guide learning materials.
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 Microsoft PL-400-KR study guide can help you improve in the shortest time. IBM C1000-181 - Today's era is a time of fierce competition. You may find that there are a lot of buttons on the website which are the links to the information that you want to know about our NetSuite NetSuite-Administrator exam braindumps. Amazon SOA-C02-KR - You can think about whether these advantages are what you need! In order to meet a wide range of tastes, our company has developed the three versions of the Microsoft MS-102 preparation questions, which includes PDF version, online test engine and windows software.
Updated: May 24, 2022