Do you want to pass CPA-Regulation Test Questions And Answers exam and get the related certification within the minimum time and effort? If you would like to give me a positive answer, you really should keep a close eye on our website since you can find the best CPA-Regulation Test Questions And Answers study material in here--our CPA-Regulation Test Questions And Answers training materials. We have helped millions of thousands of candidates to prepare for the CPA-Regulation Test Questions And Answers exam and all of them have got a fruitful outcome, we believe you will be the next winner as long as you join in us! And your life will become better and better. Just trust in our CPA-Regulation Test Questions And Answers practice engine, you will get what you want. With CPA-Regulation Test Questions And Answers training prep, you only need to spend 20 to 30 hours of practice before you take the CPA-Regulation Test Questions And Answers exam.
AICPA Certification CPA-Regulation So just come and have a try!
AICPA Certification CPA-Regulation Test Questions And Answers - Certified Public Accountant CPA Regulation If you get any suspicions, we offer help 24/7 with enthusiasm and patience. These Valid Exam CPA-Regulation Book exam questions dumps are of high quality and are designed for the convenience of the candidates. These are based on the Valid Exam CPA-Regulation Book Exam content that covers the entire syllabus.
Good practice materials like our Certified Public Accountant CPA Regulation study question can educate exam candidates with the most knowledge. Do not make your decisions now will be a pity for good. It is a popular belief that only processional experts can be the leading one to do some adept job.
Our AICPA CPA-Regulation Test Questions And Answers exam materials have plenty of advantages.
The software version of our CPA-Regulation Test Questions And Answers study engine is designed to simulate a real exam situation. You can install it to as many computers as you need as long as the computer is in Windows system. And our software of the CPA-Regulation Test Questions And Answers training material also allows different users to study at the same time. It's economical for a company to buy it for its staff. Friends or workmates can also buy and learn with our CPA-Regulation Test Questions And Answers practice guide together.
As the leader in this career, we have been considered as the most popular exam materials provider. And our CPA-Regulation Test Questions And Answers practice questions will bring you 100% success on your 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.
Over the years, Juniper JN0-280 exam questions have helped tens of thousands of candidates successfully pass professional qualification exams, and help them reach the peak of their career. EC-COUNCIL 312-38 - If you want to find a desirable job, you must rely on your ability to get the job. But if the clients buy our Qlik QREP training quiz they can immediately use our product and save their time. Network Appliance NS0-528 - The society warmly welcomes struggling people. And here, fortunately, you have found the SAP C_SAC_2402 exam braindumps, a learning platform that can bring you unexpected experiences.
Updated: May 24, 2022