And if you don't know which one to buy, you can free download the demos of the CPA-Regulation Visual Cert Exam study materials to check it out. The demos of the CPA-Regulation Visual Cert Exam exam questions are a small part of the real exam questions. In order to meet a wide range of tastes, our company has developed the three versions of the CPA-Regulation Visual Cert Exam preparation questions, which includes PDF version, online test engine and windows software. Our company has established a long-term partnership with those who have purchased our CPA-Regulation Visual Cert Exam exam guides. We have made all efforts to update our product in order to help you deal with any change, making you confidently take part in the exam. We can promise that the CPA-Regulation Visual Cert Exam prep guide from our company will help you prepare for your exam well.
AICPA Certification CPA-Regulation We will never neglect any user.
We offer hearty help for your wish of certificate of the CPA-Regulation - Certified Public Accountant CPA Regulation Visual Cert Exam exam. If you decide to buy a CPA-Regulation Preparation Store exam braindumps, you definitely want to use it right away! CPA-Regulation Preparation Store training guide’s powerful network and 24-hour online staff can meet your needs.
They are unsuspecting experts who you can count on. Without unintelligible content within our CPA-Regulation Visual Cert Exam study tool, all questions of the exam are based on their professional experience in this industry. Besides, they made three versions for your reference, the PDF, APP and Online software version.
AICPA CPA-Regulation Visual Cert Exam - Don't hesitate!
Among global market, CPA-Regulation Visual Cert Exam guide question is not taking up such a large share with high reputation for nothing. And we are the leading practice materials in this dynamic market. To facilitate your review process, all questions and answers of our CPA-Regulation Visual Cert Exam test question is closely related with the real exam by our experts who constantly keep the updating of products to ensure the accuracy of questions, so all CPA-Regulation Visual Cert Exam guide question is 100 percent assured. We make CPA-Regulation Visual Cert Exam exam prep from exam candidate perspective, and offer high quality practice materials with reasonable prices but various benefits.
The efficiency of our CPA-Regulation Visual Cert Exam exam braindumps has far beyond your expectation. On one hand, our CPA-Regulation Visual Cert Exam study materials are all the latest and valid exam questions and answers that will bring you the pass guarantee.
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.
HP HP2-I71 - And if you get any questions, please get contact with us, our staff will be online 24/7 to solve your problems all the way. With our high-accuracy Salesforce CRM-Analytics-and-Einstein-Discovery-Consultant test guide, our candidates can grasp the key points, and become sophisticated with the exam content. Being the most competitive and advantageous company in the market, our IBM C1000-005 practice quiz have help tens of millions of exam candidates realize their dreams all these years. Our SAP C-TS414-2023 study questions not only have three different versions for our customers to choose and enjoy the convenience and preasure in the varied displays. Their enrichment is dependable and reliable on the SAP C_THR83_2405 training braindumps.
Updated: May 24, 2022