Omgzlook AICPA CPA-Regulation Latest Practice Questions Sheet exam questions are compiled according to the latest syllabus and the actual CPA-Regulation Latest Practice Questions Sheet certification exam. We are also constantly upgrade our training materials so that you could get the best and the latest information for the first time. When you buy our CPA-Regulation Latest Practice Questions Sheet exam training materials, you will get a year of free updates. Our CPA-Regulation Latest Practice Questions Sheet study materials are not only as reasonable priced as other makers, but also they are distinctly superior in the many respects. With tens of thousands of our loyal customers supporting us all the way, we believe we will do a better job in this career. But this is still not enough.
AICPA Certification CPA-Regulation Everyone has their own dreams.
Most of the experts have been studying in the professional field for many years and have accumulated much experience in our CPA-Regulation - Certified Public Accountant CPA Regulation Latest Practice Questions Sheet practice questions. Why? Because you have Omgzlook's AICPA CPA-Regulation Latest Test Lab Questions exam training materials. Omgzlook's AICPA CPA-Regulation Latest Test Lab Questions exam training materials are the best training materials for IT certification.
Nowadays the requirements for jobs are higher than any time in the past. The job-hunters face huge pressure because most jobs require both working abilities and profound major knowledge. Passing CPA-Regulation Latest Practice Questions Sheet exam can help you find the ideal job.
AICPA CPA-Regulation Latest Practice Questions Sheet - They can be obtained within five minutes.
If you fail, don't forget to learn your lesson. If you still prepare for your test yourself and fail again and again, it is time for you to choose a valid CPA-Regulation Latest Practice Questions Sheet study guide; this will be your best method for clearing exam and obtain a certification. Good CPA-Regulation Latest Practice Questions Sheet study guide will be a shortcut for you to well-directed prepare and practice efficiently, you will avoid do much useless efforts and do something interesting. Omgzlook releases 100% pass-rate CPA-Regulation Latest Practice Questions Sheet study guide files which guarantee candidates 100% pass exam in the first attempt.
So the PDF version of our CPA-Regulation Latest Practice Questions Sheet exam questions is convenient. All exam materials in CPA-Regulation Latest Practice Questions Sheet learning materials contain PDF, APP, and PC formats.
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.
We constantly check the updating of Dell D-PWF-OE-A-00 vce pdf to follow the current exam requirement and you will be allowed to free update your pdf files one-year. We often ask, what is the purpose of learning? Why should we study? Why did you study for VMware 2V0-12.24exam so long? As many people think that, even if one day we forget the formula for the area of a triangle, we can still live very well, but if it were not for the knowledge of learning VMware 2V0-12.24 exam and try to obtain certification, how can we have the opportunity to good to future life? So, the examination is necessary, only to get the test VMware 2V0-12.24 certification, get a certificate, to prove better us, to pave the way for our future life. Our website aimed to helping you and fully supporting you to pass Microsoft PL-400 actual test with high passing score in your first try. If you are willing to try our Netskope NSK101 study materials, we believe you will not regret your choice. You can use the Cisco 300-815 online test off-line, while you should run it in the network environment.
Updated: May 24, 2022