CPA-Regulation Exam Dumps – Reliable Way to Pass and Get Certified

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If you are looking for a reliable and comprehensive way to prepare for your CPA-Regulation certification exam, look no further than CPA-Regulation exam questions. These CPA-Regulation exam dumps questions are designed to help you assess your knowledge, identify your strengths and weaknesses, and improve your chances of passing the exam on the first try. These CPA-Regulation dumps questions cover all the topics and concepts that are essential for the CPA-Regulation exam, so you can be sure that you are fully prepared. Test AICPA CPA-Regulation free dumps below.

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1. Freeman, a single individual, reported the following income in the current year:

Guaranteed payment from services rendered to a partnership $50,000

Ordinary income from a S corporation $20,000

What amount of Freeman's income is subject to self-employment tax?

2. Don Wolf became a general partner in Gata Associates on January 1, 1989, with a 5% interest in Gata's profits, losses, and capital. Gata is a distributor of auto parts. Wolf does not materially participate in the partnership business. For the year ended December 31, 1989, Gata had an operating loss of $100,000.

In addition, Gata earned interest of $20,000 on a temporary investment. Gata has kept the principal temporarily invested while awaiting delivery of equipment that is presently on order. The principal will be used to pay for this equipment.

Wolf's passive loss for 1989 is:

3. On December 31, 1989, a building owned by Pine Corp. was totally destroyed by fire. The building had fire insurance coverage up to $500,000.

Other pertinent information as of December 31, 1989 follows:





During January 1990, before the 1989 financial statements were issued, Pine received insurance proceeds of $500,000.

On what amount should Pine base the determination of its loss on involuntary conversion?

4. A cash basis taxpayer should report gross income:

5. Which of the following is subject to the Uniform Capitalization Rules of Code Sec. 263A?

6. On February 1, 1993, Hall learned that he was bequeathed 500 shares of common stock under his father's will. Hall's father had paid $2,500 for the stock in 1990. Fair market value of the stock on February 1, 1993, the date of his father's death, was $4,000 and had increased to $5,500 six months later. The executor of the estate elected the alternate valuation date for estate tax purposes. Hall sold the stock for $4,500 on June 1, 1993, the date that the executor distributed the stock to him.

How much income should Hall include in his 1993 individual income tax return for the inheritance of the 500 shares of stock, which he received from his father's estate?

7. Which of the following sales should be reported as a capital gain?

8. Greller owns 100 shares of Arden Corp., a publicly-traded company, which Greller purchased on January 1, 2001, for $10,000. On January 1, 2003, Arden declared a 2-for-1 stock split when the fair market value (FMV) of the stock was $120 per share. Immediately following the split, the FMV of Arden stock was $62 per share. On February 1, 2003, Greller had his broker specifically sell the 100 shares of Arden stock received in the split when the FMV of the stock was $65 per share.

What is the basis of the 100 shares of Arden sold?

9. Clark bought Series EE U.S. Savings Bonds after 1989. Redemption proceeds will be used for payment of college tuition for Clark's dependent child.

One of the conditions that must be met for tax exemption of accumulated interest on these bonds is that the:

10. In evaluating the hierarchy of authority in tax law, which of the following carries the greatest authoritative value for tax planning of transactions?


 

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