Maybe you always thought study was too boring for you. Our CPA-Regulation Latest Test Camp File study materials will change your mind. With our products, you will soon feel the happiness of study. Our company can promise that the CPA-Regulation Latest Test Camp File study materials from our company are best among global market. As is known to us, the CPA-Regulation Latest Test Camp File certification guide from our company is the leading practice materials in this dynamic market. Your life will be even more exciting.
AICPA Certification CPA-Regulation You must be very surprised.
And we will give you 100% success guaranteed on the CPA-Regulation - Certified Public Accountant CPA Regulation Latest Test Camp File training guide. When you want to correct the answer after you finish learning, the correct answer for our Valid CPA-Regulation Study Notes test prep is below each question, and you can correct it based on the answer. In addition, we design small buttons, which can also show or hide the Valid CPA-Regulation Study Notes exam torrent, and you can flexibly and freely choose these two modes according to your habit.
Once you choose our learning materials, your dream that you have always been eager to get AICPA certification which can prove your abilities will realized. You will have more competitive advantages than others to find a job that is decent. We are convinced that our CPA-Regulation Latest Test Camp File exam questions can help you gain the desired social status and thus embrace success.
But our AICPA CPA-Regulation Latest Test Camp File exam questions have made it.
By browsing this website, all there versions of CPA-Regulation Latest Test Camp File training materials can be chosen according to your taste or preference. In addition, we provide free updates to users for one year long after your purchase. If the user finds anything unclear in the CPA-Regulation Latest Test Camp File exam questions exam, we will send email to fix it, and our team will answer all of your questions related to the CPA-Regulation Latest Test Camp File actual exam. So as long as you have any question, just contact us!
Every page is carefully arranged by our experts with clear layout and helpful knowledge to remember. Our CPA-Regulation Latest Test Camp File exam questions just focus on what is important and help you achieve your goal.
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.
You can just look at the data about the hot hit on the ACAMS CAMS study braindumps everyday, and you will know that how popular our ACAMS CAMS learning guide is. So our Oracle 1z0-1047-24practice materials have great brand awareness in the market. The promotion or acceptance of our Splunk SPLK-1002 exam questions will be easy. Google Professional-Cloud-Developer - The software boosts varied self-learning and self-assessment functions to check the results of the learning. The services provided by our Cisco 200-901 test questions are quite specific and comprehensive.
Updated: May 24, 2022