Our CPA-Regulation Test Questions Fee exam practice questions on the market this recruitment phenomenon, tailored for the user the fast pass the examination method of study, make the need to get a good job have enough leverage to compete with other candidates. The quality of our CPA-Regulation Test Questions Fee learning guide is absolutely superior, which can be reflected from the annual high pass rate. What is the measure of competence? Of course, most companies will judge your level according to the number of qualifications you have obtained. We believe the online version of our CPA-Regulation Test Questions Feepractice quiz will be very convenient for you. Now I want to introduce the online version of our CPA-Regulation Test Questions Fee learning guide to you. Now the time cost is so high, choosing CPA-Regulation Test Questions Fee exam prep will be your most efficient choice.
AICPA Certification CPA-Regulation However, you must believe that this is true!
And we will give you 100% success guaranteed on the CPA-Regulation - Certified Public Accountant CPA Regulation Test Questions Fee training guide. In short, you will find the convenience and practicality of our Reliable Test CPA-Regulation Dumps Pdf quiz guide in the process of learning. We will also continue to innovate and improve functions to provide you with better services.
We are convinced that our CPA-Regulation Test Questions Fee exam questions can help you gain the desired social status and thus embrace success. The competition in today's society is the competition of talents. Can you survive and be invincible in a highly competitive society? Can you gain a foothold in such a complex society? If your answer is "no", that is because your ability is not strong enough.
But our AICPA CPA-Regulation Test Questions Fee exam questions have made it.
By browsing this website, all there versions of CPA-Regulation Test Questions Fee training materials can be chosen according to your taste or preference. In addition, we provide free updates to users for one year long after your purchase. If the user finds anything unclear in the CPA-Regulation Test Questions Fee exam questions exam, we will send email to fix it, and our team will answer all of your questions related to the CPA-Regulation Test Questions Fee actual exam. So as long as you have any question, just contact us!
Every page is carefully arranged by our experts with clear layout and helpful knowledge to remember. Our CPA-Regulation Test Questions Fee exam questions just focus on what is important and help you achieve your goal.
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.
With excellent quality at attractive price, our CompTIA SY0-701 exam questions get high demand of orders in this fierce market. So our Fortinet ICS-SCADApractice materials have great brand awareness in the market. The promotion or acceptance of our CompTIA N10-008 exam questions will be easy. HP HPE0-S60 - The software boosts varied self-learning and self-assessment functions to check the results of the learning. WGU Managing-Human-Capital - The gold content of the materials is very high, and the updating speed is fast.
Updated: May 24, 2022