It is very flexible for you to use the three versions of the CPA-Regulation Official Study Guide study materials to preparing for your coming exam. According to the needs of all people, the experts and professors in our company designed three different versions of the CPA-Regulation Official Study Guide study materials for all customers. The three versions are very flexible for all customers to operate. If you haplessly fail the exam, we treat it as our responsibility then give you full refund and get other version of practice material for free. That is why we win a great deal of customers around the world. By abstracting most useful content into the CPA-Regulation Official Study Guide practice materials, they have help former customers gain success easily and smoothly.
AICPA Certification CPA-Regulation I wish you good luck.
Omgzlook website is fully equipped with resources and the questions of AICPA CPA-Regulation - Certified Public Accountant CPA Regulation Official Study Guide exam, it also includes the AICPA CPA-Regulation - Certified Public Accountant CPA Regulation Official Study Guide exam practice test. But in order to let the job position to improve spending some money to choose a good training institution to help you pass the exam is worthful. Omgzlook's latest training material about AICPA certification CPA-Regulation New Braindumps Free Download exam have 95% similarity with the real test.
The exam materiala of the Omgzlook AICPA CPA-Regulation Official Study Guide is specifically designed for candicates. It is a professional exam materials that the IT elite team specially tailored for you. Passed the exam certification in the IT industry will be reflected in international value.
AICPA CPA-Regulation Official Study Guide - Come on, you will be the next best IT experts.
AICPA CPA-Regulation Official Study Guide certification exam is among those popular IT certifications. It is also the dream of ambitious IT professionals. This part of the candidates need to be fully prepared to allow them to get the highest score in the CPA-Regulation Official Study Guide exam, make their own configuration files compatible with market demand.
If you won't believe us, you can visit our Omgzlook to experience it. And then, I am sure you must choose Omgzlook exam dumps.
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
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: 5
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.
Network Appliance NS0-404 - This is a site of great help to you. There are several possibilities to get ready for Palo Alto Networks PCNSC test, but using good tools is the most effective method. SAP C_TS4FI_2023 - We absolutely protect the interests of consumers. APMG-International AgilePM-Foundation - Whether to pass the exam successfully, it consists not in how many materials you have seen, but in if you find the right method. We can guarantee that you can pass the AICPA UiPath UiPath-ABAv1 exam the first time.
Updated: May 24, 2022