As the top-rated exam in IT industry, CPA-Regulation New Exam Questions Explanations certification is one of the most important exams. With CPA-Regulation New Exam Questions Explanations certificate, you can get more benefits. If you want to attend the exam, Omgzlook AICPA CPA-Regulation New Exam Questions Explanations questions and answers can offer you convenience. We choose the most useful and typical questions and answers which contain the key points of the test and we try our best to use the least amount of questions and answers to showcase the most significant information. Our CPA-Regulation New Exam Questions Explanations learning guide provides a variety of functions to help the clients improve their learning. Now AICPA CPA-Regulation New Exam Questions Explanations certification test is very popular.
AICPA Certification CPA-Regulation This certification gives us more opportunities.
Our Software version of CPA-Regulation - Certified Public Accountant CPA Regulation New Exam Questions Explanations study materials will be your best assistant. In the process of job hunting, we are always asked what are the achievements and what certificates have we obtained? Therefore, we get the test AICPA certification and obtain the qualification certificate to become a quantitative standard, and our CPA-Regulation Reliable Test Registration learning guide can help you to prove yourself the fastest in a very short period of time. Life is short for each of us, and time is precious to us.
Our online resources and events enable you to focus on learning just what you want on your timeframe. You get access to every CPA-Regulation New Exam Questions Explanations exams files and there continuously update our CPA-Regulation New Exam Questions Explanations study materials; these exam updates are supplied free of charge to our valued customers. Get the best CPA-Regulation New Exam Questions Explanations exam Training; as you study from our exam-files.
AICPA CPA-Regulation New Exam Questions Explanations - If you make up your mind, choose us!
When you purchase CPA-Regulation New Exam Questions Explanations exam dumps from Omgzlook, you never fail CPA-Regulation New Exam Questions Explanations exam ever again. We bring you the best CPA-Regulation New Exam Questions Explanations exam preparation dumps which are already tested rigorously for their authenticity. Start downloading your desired CPA-Regulation New Exam Questions Explanations exam product without any second thoughts. Our CPA-Regulation New Exam Questions Explanations products will make you pass in first attempt with highest scores. We accept the challenge to make you pass CPA-Regulation New Exam Questions Explanations exam without seeing failure ever!
Of course, their service attitude is definitely worthy of your praise. I believe that you are willing to chat with a friendly person.
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.
IBM C1000-174 - Omgzlook trusts in displacing all the qualms before believing us. Thirdly, perfect IAPP CIPT practice materials like us even provide you the opportunities to own goal, ideal struggle, better work, and create a bright future. Here we would like to introduce our EMC D-MSS-DS-23 practice materials for you with our heartfelt sincerity. Hitachi HQT-4230 - Do you want to choose a lifetime of mediocrity or become better and pursue your dreams? I believe you will have your own pursuit. You can browse through our Lpi 303-300 certification test preparation materials that introduce real exam scenarios to build your confidence further.
Updated: May 24, 2022