However, we understand that some candidates are still more accustomed to the paper, so our CPA-Regulation Latest Study Notes study materials provide customers with a variety of versions to facilitate your learning process: the PDF, Software and APP online. These three versions of our CPA-Regulation Latest Study Notes practice engine can provide you study on all conditions. Come and buy our CPA-Regulation Latest Study Notes exam guide! We provide one year studying assist service and one year free updates downloading of AICPA CPA-Regulation Latest Study Notes exam questions. If you fail exam we support to exchange and full refund. And you can free download the demos of our CPA-Regulation Latest Study Notes learning guide on our website, it is easy, fast and convenient.
AICPA Certification CPA-Regulation At last, you will not regret your choice.
AICPA Certification CPA-Regulation Latest Study Notes - Certified Public Accountant CPA Regulation we can give you 100% pass rate guarantee. 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 Interactive Questions exam.
Our CPA-Regulation Latest Study Notes 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. Moreover, we also provide 100% money back guarantee on our CPA-Regulation Latest Study Notes exam materials, and you will be able to pass the CPA-Regulation Latest Study Notes exam in short time without facing any troubles. By clearing different AICPA exams, you can easily land your dream job.
AICPA CPA-Regulation Latest Study Notes - We can help you to achieve your goals.
With the help of our CPA-Regulation Latest Study Notes practice materials, you can successfully pass the actual exam with might redoubled. Our company owns the most popular reputation in this field by providing not only the best ever CPA-Regulation Latest Study Notes study guide but also the most efficient customers’ servers. We can lead you the best and the fastest way to reach for the certification of CPA-Regulation Latest Study Notes exam dumps and achieve your desired higher salary by getting a more important position in the company.
But to succeed you can have a shortcut, as long as you make the right choice. I took advantage of Omgzlook's AICPA CPA-Regulation Latest Study Notes exam training materials, and passed the AICPA CPA-Regulation Latest Study Notes 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.
After your purchase of our EMC D-PDD-OE-23 exam braindumps, the after sales services are considerate as well. SAP C_THR88_2405 - Our training materials, including questions and answers, the pass rate can reach 100%. ISACA CISM - It is universally acknowledged that time is a key factor in terms of the success of exams. When you are faced with the real exam, you can pass AICPA ISM LEAD test easily. IBM C1000-137 test guide is not only the passbooks for students passing all kinds of professional examinations, but also the professional tools for students to review examinations.
Updated: May 24, 2022