The questions and answers provided by Omgzlook is obtained through the study and practice of Omgzlook IT elite. The material has the experience of more than 10 years of IT certification. AICPA's CPA-Regulation Test Guide Materials exam certification is one of the most valuable contemporary of many exam certification. Before you decide to buy, you can try a free trial version, so that you will know the quality of the Omgzlook's AICPA CPA-Regulation Test Guide Materials exam training materials. It will be your best choice. The training materials can help you pass the certification.
AICPA Certification CPA-Regulation We absolutely protect the interests of consumers.
AICPA Certification CPA-Regulation Test Guide Materials - Certified Public Accountant CPA Regulation 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 CPA-Regulation Reasonable Exam Price exam the first time. If you buy the goods of Omgzlook, then you always be able to get newer and more accurate test information.
What we provide for you is the latest and comprehensive CPA-Regulation Test Guide Materials exam dumps, the safest purchase guarantee and the immediate update of CPA-Regulation Test Guide Materials exam software. Free demo download can make you be rest assured to buy; one-year free update of CPA-Regulation Test Guide Materials exam software after payment can assure you during your preparation for the exam. What's more, what make you be rest assured most is that we develop the exam software which will help more candidates get CPA-Regulation Test Guide Materials exam certification.
So the AICPA CPA-Regulation Test Guide Materials exam is a great beginning.
We have applied the latest technologies to the design of our CPA-Regulation Test Guide Materials exam prep not only on the content but also on the displays. As a consequence you are able to keep pace with the changeable world and remain your advantages with our CPA-Regulation Test Guide Materials training braindumps. Besides, you can consolidate important knowledge for you personally and design customized study schedule or to-do list on a daily basis. As long as you follow with our CPA-Regulation Test Guide Materials study guide, you are doomed to achieve your success.
We would like to provide our customers with different kinds of CPA-Regulation Test Guide Materials practice guide to learn, and help them accumulate knowledge and enhance their ability. Besides, we guarantee that the CPA-Regulation Test Guide Materials exam questions of all our users can be answered by professional personal in the shortest time with our CPA-Regulation Test Guide Materials study 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
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: 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.
If you put just a bit of extra effort, you can score the highest possible score in the real EMC D-XTR-MN-A-24 exam because our EMC D-XTR-MN-A-24 exam preparation dumps are designed for the best results. The content of our Google Professional-Cloud-Network-Engineer practice engine is chosen so carefully that all the questions for the Google Professional-Cloud-Network-Engineer exam are contained. We are very confident in the quality of HP HP2-I72} guide dumps. Juniper JN0-460 - You can download our app on your mobile phone. No more cramming from books and note, just prepare our interactive questions and answers and learn everything necessary to easily pass the actual EMC D-UN-OE-23 exam.
Updated: May 24, 2022