So we take this factor into consideration, develop the most efficient way for you to prepare for the CPA-Regulation Latest Practice Exam Online exam, that is the real questions and answers practice mode, firstly, it simulates the real Certified Public Accountant CPA Regulation test environment perfectly, which offers greatly help to our customers. Secondly, it includes printable PDF Format, also the instant access to download make sure you can study anywhere and anytime. All in all, high efficiency of CPA-Regulation Latest Practice Exam Online exam material is the reason for your selection. So our service team is professional and top-tanking. We boost a professional expert team to undertake the research and the production of our CPA-Regulation Latest Practice Exam Online learning file. To help you get to know the exam questions and knowledge of the CPA-Regulation Latest Practice Exam Online practice exam successfully and smoothly, our experts just pick up the necessary and essential content in to our CPA-Regulation Latest Practice Exam Online test guide with unequivocal content rather than trivia knowledge that exam do not test at all.
AICPA Certification CPA-Regulation So Omgzlook a website worthy of your trust.
AICPA Certification CPA-Regulation Latest Practice Exam Online - Certified Public Accountant CPA Regulation The high pass rate of our study materials means that our products are very effective and useful for all people to pass their exam and get the related certification. Do not spend too much time and money, as long as you have Omgzlook learning materials you will easily pass the exam. In order to help you more Omgzlook the AICPA Latest Free CPA-Regulation Study Guide exam eliminate tension of the candidates on the Internet.
Software version-It support simulation test system, and times of setup has no restriction. Remember this version support Windows system users only. App online version-Be suitable to all kinds of equipment or digital devices.
AICPA CPA-Regulation Latest Practice Exam Online Exam is a milestone in your career.
Have you ever tried our IT exam certification software provided by our Omgzlook? If you have, you will use our CPA-Regulation Latest Practice Exam Online exam software with no doubt. If not, your usage of our dump this time will make you treat our Omgzlook as the necessary choice to prepare for other IT certification exams later. Our CPA-Regulation Latest Practice Exam Online exam software is developed by our IT elite through analyzing real CPA-Regulation Latest Practice Exam Online exam content for years, and there are three version including PDF version, online version and software version for you to choose.
Do you want to pass the AICPA CPA-Regulation Latest Practice Exam Online exam better and faster? Then please select the Omgzlook. It can help you achieve your dreams.
CPA-Regulation PDF DEMO:
QUESTION NO: 1
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: 2
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: 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
Adams owns a second residence that is used for both personal and rental purposes. During
2001, Adams used the second residence for 50 days and rented the residence for 200 days. Which of the following statements is correct?
A. All mortgage interest and taxes on the property will be deducted to determine the property's net income or loss.
B. Depreciation may not be deducted on the property under any circumstances.
C. Utilities and maintenance on the property must be divided between personal and rental use.
D. A rental loss may be deducted if rental-related expenses exceed rental income.
Answer: C
Explanation
Choice "c" is correct. Because the second property was personally used more than 14 days, any net loss from the rental of the property will be disallowed.
All related expenses must be prorated between the personal use portion and the rental activity portion.
Prorated depreciation is permitted for the rental activity.
QUESTION NO: 5
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.
We constantly updated the Nutanix NCP-CI-AWS exam materials at the same time with the exam update. Will you seize Omgzlook to make you achievement? Omgzlook AICPA Adobe AD0-E908 certification training materials will guarantee your success. Amazon DOP-C02 - So our Omgzlook will provide a exam simulation for you to experience the real exam model before real exam. And with the aid of IBM C1000-174 certification test, you can improve your skills and master some useful techniques in your job so that you can finish your work better and demonstrate your great ability before other people. Also you can ask us any questions about EMC D-PDC-DY-23 exam any time as you like.
Updated: May 24, 2022