Time is flying and the exam date is coming along, which is sort of intimidating considering your status of review process. The more efficient the materials you get, the higher standard you will be among competitors. So, high quality and high accuracy rate CPA-Regulation Reliable Exam Study Guide practice materials are your ideal choice this time. You can learn CPA-Regulation Reliable Exam Study Guide quiz torrent skills and theory at your own pace, and you are not necessary to waste your time on some useless books or materials and you will save more time and energy that you can complete other thing. We also provide every candidate who wants to get certification with free Demo to check our materials. As you can see, our CPA-Regulation Reliable Exam Study Guide exam simulation really deserves your selection.
AICPA Certification CPA-Regulation This is really amazing.
AICPA Certification CPA-Regulation Reliable Exam Study Guide - Certified Public Accountant CPA Regulation And we will let you down. From the view of specialized examination point, it is necessary to teach you tips about the exam. You need to outsmart, and do not give your future the chance of failure.
The learning of our CPA-Regulation Reliable Exam Study Guide study materials costs you little time and energy and we update them frequently. We can claim that you will be ready to write your exam after studying with our CPA-Regulation Reliable Exam Study Guide exam guide for 20 to 30 hours. To understand our CPA-Regulation Reliable Exam Study Guide learning questions in detail, just come and try!
AICPA CPA-Regulation Reliable Exam Study Guide - Or you can choose to free update your exam dumps.
With the development of society, the CPA-Regulation Reliable Exam Study Guide certificate in our career field becomes a necessity for developing the abilities. Passing the CPA-Regulation Reliable Exam Study Guide and obtaining the certificate may be the fastest and most direct way to change your position and achieve your goal. And we are just right here to give you help. Being considered the most authentic brand in this career, our professional experts are making unremitting efforts to provide our customers the latest and valid {CertName} exam simulation.
Besides, to make you be rest assured of our dumps, we provide CPA-Regulation Reliable Exam Study Guide exam demo for you to free download. After using our software, you will know that it is not too difficult to pass CPA-Regulation Reliable Exam Study Guide exam.
CPA-Regulation PDF DEMO:
QUESTION NO: 1
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: 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
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
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.
But we can help all of these candidates on Salesforce Platform-App-Builder study questions. Continuous update of the exam questions, and professional analysis from our professional team have become the key for most candidates to pass Adobe AD0-E716 exam. So let our SAP C-S4CFI-2402 practice guide to be your learning partner in the course of preparing for the exam, it will be a wise choice for you to choose our SAP C-S4CFI-2402 study dumps. Microsoft AI-900 - A person's career prospects are often linked to his abilities, so an international and authoritative certificate is the best proof of one's ability. After nearly ten years' efforts, now our company have become the topnotch one in the field, therefore, if you want to pass the SAP C_TS462_2023 exam as well as getting the related certification at a great ease, I strongly believe that the SAP C_TS462_2023 study materials compiled by our company is your solid choice.
Updated: May 24, 2022