Within the last few decades, IT got a lot of publicity and it has been a necessary and desirable part of modern life. AICPA certification has been well recognized by international community. So, most IT people want to improve their knowledge and their skills by AICPA certification exam. Are you still worrying about how to safely pass AICPA certification CPA-Regulation Reliable Dumps Book exams? Do you have thought to select a specific training? Choosing a good training can effectively help you quickly consolidate a lot of IT knowledge, so you can be well ready for AICPA certification CPA-Regulation Reliable Dumps Book exam. Omgzlook's expert team used their experience and knowledge unremitting efforts to do research of the previous years exam, and finally have developed the best pertinence training program about AICPA certification CPA-Regulation Reliable Dumps Book exam. Somebody must have been using Omgzlook dumps.
CPA-Regulation Reliable Dumps Book Exam is a milestone in your career.
Our CPA-Regulation - Certified Public Accountant CPA Regulation Reliable Dumps Book exam software is developed by our IT elite through analyzing real CPA-Regulation - Certified Public Accountant CPA Regulation Reliable Dumps Book exam content for years, and there are three version including PDF version, online version and software version for you to choose. Do you want to pass the AICPA CPA-Regulation Free Sample Questions exam better and faster? Then please select the Omgzlook. It can help you achieve your dreams.
The secret that Omgzlook helps many candidates pass CPA-Regulation Reliable Dumps Book exam is AICPA exam questions attentively studied by our professional IT team for years, and the detailed answer analysis. We constantly updated the CPA-Regulation Reliable Dumps Book exam materials at the same time with the exam update. We try our best to ensure 100% pass rate for you.
AICPA AICPA CPA-Regulation Reliable Dumps Book exam is very popular in IT field.
If you feel unconfident in self-preparation for your CPA-Regulation Reliable Dumps Book test and want to get professional aid of questions and answers, Omgzlook CPA-Regulation Reliable Dumps Book test questions materials will guide you and help you to pass the certification exams in one shot. If you want to know our CPA-Regulation Reliable Dumps Book test questions materials, you can download our free demo now. Our demo is a small part of the complete charged version. Also you can ask us any questions about CPA-Regulation Reliable Dumps Book exam any time as you like.
Every question provides you with demo and if you think our exam dumps are good, you can immediately purchase it. After you purchase CPA-Regulation Reliable Dumps Book exam dumps, you will get a year free updates.
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
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: 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.
Excellent AICPA Huawei H13-211_V3.0 study guide make candidates have clear studying direction to prepare for your test high efficiently without wasting too much extra time and energy. Certainly, we ensure that each version of Adobe AD0-E908 exam materials will be helpful and comprehensive. Firstly we provide one-year service warranty for every buyer who purchased SAP C-THR85-2405 valid exam collection materials. Our Omgzlook has been focusing on the changes of SAP C_DBADM_2404 exam and studying in the exam, and now what we offer you is the most precious SAP C_DBADM_2404 test materials. And we guarantee that if you failed the certification exam with our Cisco 350-401 pdf torrent, we will get your money back to reduce your loss.
Updated: May 24, 2022