As you know, we are now facing very great competitive pressure. We need to have more strength to get what we want, and CPA-Regulation Valid Study Guide exam dumps may give you these things. After you use our study materials, you can get CPA-Regulation Valid Study Guide certification, which will better show your ability, among many competitors, you will be very prominent. But you must have a browser on your device. Also, you must open the online engine of the study materials in a network environment for the first time. Let’s learn CPA-Regulation Valid Study Guide exam dumps, and you can pass the exam at once.
AICPA Certification CPA-Regulation You must seize the good chances when it comes.
Annual test syllabus is essential to predicate the real CPA-Regulation - Certified Public Accountant CPA Regulation Valid Study Guide questions. Our sales volumes are beyond your imagination. Every day thousands of people browser our websites to select our CPA-Regulation Pass Test Guide exam materials.
When you try our part of AICPA certification CPA-Regulation Valid Study Guide exam practice questions and answers, you can make a choice to our Omgzlook. We will be 100% providing you convenience and guarantee. Remember that making you 100% pass AICPA certification CPA-Regulation Valid Study Guide exam is Omgzlook.
AICPA CPA-Regulation Valid Study Guide - I wish you good luck.
Omgzlook website is fully equipped with resources and the questions of AICPA CPA-Regulation Valid Study Guide exam, it also includes the AICPA CPA-Regulation Valid Study Guide exam practice test. Which can help candidates prepare for the exam and pass the exam. You can download the part of the trial exam questions and answers as a try. Omgzlook provide true and comprehensive exam questions and answers. With our exclusive online AICPA CPA-Regulation Valid Study Guide exam training materials, you'll easily through AICPA CPA-Regulation Valid Study Guide exam. Our site ensure 100% pass rate.
Omgzlook's latest training material about AICPA certification CPA-Regulation Valid Study Guide exam have 95% similarity with the real test. If you use Omgzlook'straining program, you can 100% pass the exam.
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.
The exam materiala of the Omgzlook AICPA Palo Alto Networks PSE-Strata is specifically designed for candicates. CWNP CWAP-404 - It is a necessary part of the IT field of information technology. Before you decide to buy, you can try a free trial version, so that you will know the quality of the Omgzlook's AICPA IIA IIA-CIA-Part1-KR exam training materials. Blue Prism AD01 - The training materials can help you pass the certification. SAP C-S4TM-2023 - Come on, you will be the next best IT experts.
Updated: May 24, 2022