The online version is open to all electronic devices, which will allow your device to have common browser functionality so that you can open our products. At the same time, our online version of the CPA-Regulation Reliable Study Guide study guide can also be implemented offline, which is a big advantage that many of the same educational products are not able to do on the market at present. Our CPA-Regulation Reliable Study Guide study guide design three different versions for all customers. Simple text messages, deserve to go up colorful stories and pictures beauty, make the CPA-Regulation Reliable Study Guide test guide better meet the zero basis for beginners, let them in the relaxed happy atmosphere to learn more useful knowledge, more good combined with practical, so as to achieve the state of unity. For most users, access to the relevant qualifying examinations may be the first, so many of the course content related to qualifying examinations are complex and arcane. The Internet is increasingly becoming a platform for us to work and learn, while many products are unreasonable in web design, and too much information is not properly classified.
AICPA Certification CPA-Regulation For it also supports the offline practice.
We are sure you can seep great deal of knowledge from our CPA-Regulation - Certified Public Accountant CPA Regulation Reliable Study Guide study prep in preference to other materials obviously. To ensure a more comfortable experience for users of CPA-Regulation Valid Exam Objectives test material, we offer a thoughtful package. Not only do we offer free demo services before purchase, we also provide three learning modes for users.
As the captioned description said, our CPA-Regulation Reliable Study Guide practice materials are filled with the newest points of knowledge about the exam. With many years of experience in this line, we not only compile real test content into our CPA-Regulation Reliable Study Guide learning quiz, but the newest in to them. And our professionals always keep a close eye on the new changes of the subject and keep updating the CPA-Regulation Reliable Study Guide study questions to the most accurate.
AICPA CPA-Regulation Reliable Study Guide - So, buy our products immediately!
We offer free demos of the CPA-Regulation Reliable Study Guide exam braindumps for your reference before you pay for them, for there are three versions of the CPA-Regulation Reliable Study Guide practice engine so that we also have three versions of the free demos. And we will send you the new updates if our experts make them freely. On condition that you fail the exam after using our CPA-Regulation Reliable Study Guide study guide unfortunately, we will switch other versions for you or give back full of your refund. All we do and the promises made are in your perspective.
In addition, our CPA-Regulation Reliable Study Guide study materials will be updated according to the newest test syllabus. So you can completely rely on our CPA-Regulation Reliable Study Guide study materials to pass the 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.
With years of experience dealing with ServiceNow CIS-VR learning engine, we have thorough grasp of knowledge which appears clearly in our ServiceNow CIS-VR study quiz with all the keypoints and the latest questions and answers. Microsoft AI-102 - Now IT industry is more and more competitive. The finicky points can be solved effectively by using our Salesforce CRM-Analytics-and-Einstein-Discovery-Consultant exam questions. If you have decided to upgrade yourself by passing AICPA certification SASInstitute A00-282 exam, then choosing Omgzlook is not wrong. EMC D-XTR-DY-A-24 - So accordingly, we offer three versions of free demos for you to download.
Updated: May 24, 2022