Omgzlook provide the best CPA-Regulation Valid Practice Test Online exam dumps PDF materials in this field which is helpful for you. Sometimes hesitating will lead to missing a lot of opportunities. If you think a lot of our CPA-Regulation Valid Practice Test Online exam dumps PDF, you should not hesitate again. We will provide you with thoughtful service. With our trusted service, our CPA-Regulation Valid Practice Test Online study guide will never make you disappointed. We are ready to show you the most reliable CPA-Regulation Valid Practice Test Online pdf vce and the current exam information for your preparation of the test.
AICPA Certification CPA-Regulation It is so cool even to think about it.
And you are lucky to find us for we are the most popular vendor in this career and have a strong strength on providing the best CPA-Regulation - Certified Public Accountant CPA Regulation Valid Practice Test Online study materials. The innovatively crafted dumps will serve you the best; imparting you information in fewer number of questions and answers. Created on the exact pattern of the actual Sure CPA-Regulation Pass tests, Omgzlook’s dumps comprise questions and answers and provide all important Sure CPA-Regulation Pass information in easy to grasp and simplified content.
So for us, with one more certification, we will have one more bargaining chip in the future. However, it is difficult for many people to get a CPA-Regulation Valid Practice Test Online certification, but we are here to offer you help. We have helped tens of thousands of our customers achieve their certification with our excellent CPA-Regulation Valid Practice Test Online exam braindumps.
AICPA CPA-Regulation Valid Practice Test Online - In fact, our aim is the same with you.
For a long time, high quality is our CPA-Regulation Valid Practice Test Online exam questions constantly attract students to participate in the use of important factors, only the guarantee of high quality, to provide students with a better teaching method, and at the same time the CPA-Regulation Valid Practice Test Online practice quiz brings more outstanding teaching effect. Our high-quality CPA-Regulation Valid Practice Test Online} learning guide help the students know how to choose suitable for their own learning method, our CPA-Regulation Valid Practice Test Online study materials are a very good option.
As is known to us, there are best sale and after-sale service of the CPA-Regulation Valid Practice Test Online certification training dumps all over the world in our company. Our company has employed a lot of excellent experts and professors in the field in the past years, in order to design the best and most suitable CPA-Regulation Valid Practice Test Online latest questions for all customers.
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
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
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: 4
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: 5
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.
You can effortlessly yield the printouts of EC-COUNCIL 312-38 exam study material as well, PDF files make it extremely simple for you to switch to any topics with a click. Blue Prism ROM2 - The trick to the success is simply to be organized, efficient, and to stay positive about it. Moreover, doing these practice tests will impart you knowledge of the actual CompTIA CV0-003 exam format and develop your command over it. IBM C1000-112 - At the same time, you will have more income to lead a better life and develop your life quality. SAP C_TS414_2023 - Our Certified Public Accountant CPA Regulation exam prep has taken up a large part of market.
Updated: May 24, 2022