In order to pass AICPA certification CPA-Regulation Latest Study Questions Ebook exam disposably, you must have a good preparation and a complete knowledge structure. Omgzlook can provide you the resources to meet your need. Many people, especially the in-service staff, are busy in their jobs, learning, family lives and other important things and have little time and energy to learn and prepare the exam. But if you buy our CPA-Regulation Latest Study Questions Ebook test torrent, you can invest your main energy on your most important thing and spare 1-2 hours each day to learn and prepare the exam. If you have a AICPA CPA-Regulation Latest Study Questions Ebook certification, your work will have a lot of change that wages and work position will increase quickly.
AICPA Certification CPA-Regulation This is a practice test website.
High quality CPA-Regulation - Certified Public Accountant CPA Regulation Latest Study Questions Ebook practice materials leave a good impression on the exam candidates and bring more business opportunities in the future. Omgzlook site has a long history of providing AICPA CPA-Regulation Free Sample Questions exam certification training materials. It has been a long time in certified IT industry with well-known position and visibility.
Provided that you lose your exam with our CPA-Regulation Latest Study Questions Ebook exam questions unfortunately, you can have full refund or switch other version for free. All the preoccupation based on your needs and all these explain our belief to help you have satisfactory and comfortable purchasing services on the CPA-Regulation Latest Study Questions Ebook study guide. We assume all the responsibilities our CPA-Regulation Latest Study Questions Ebook simulating practice may bring you foreseeable outcomes and you will not regret for believing in us assuredly.
Now AICPA AICPA CPA-Regulation Latest Study Questions Ebook certification test is very popular.
No matter in the day or on the night, you can consult us the relevant information about our CPA-Regulation Latest Study Questions Ebook preparation exam through the way of chatting online or sending emails. I’m sure our 24-hour online service will not disappoint you as we offer our service 24/7 on our CPA-Regulation Latest Study Questions Ebook study materials. And we will give you the most considerate suggestions on our CPA-Regulation Latest Study Questions Ebook learning guide with all our sincere and warm heart.
So our IT technicians of Omgzlook take more efforts to study CPA-Regulation Latest Study Questions Ebook exam materials. All exam software from Omgzlook is the achievements of more IT elite.
CPA-Regulation PDF DEMO:
QUESTION NO: 1
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: 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
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 clients at home and abroad can both purchase our SAP C_THR88_2405 study tool online. Our Omgzlook devote themselves for years to develop the SAP C-S4PPM-2021 exam software to help more people who want to have a better development in IT field to pass SAP C-S4PPM-2021 exam. If you have any questions about the EMC D-VXB-DY-A-24 learning dumps, do not hesitate and ask us in your anytime, we are glad to answer your questions and help you use our EMC D-VXB-DY-A-24 study questions well. If you purchase our Adobe AD0-E207 training dumps you can spend your time on more significative work. You can rest assured to buy the VMware 3V0-32.23 exam dumps from our company.
Updated: May 24, 2022