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Exam Code: REG

Exam Name: CPA Regulation

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REG Latest Test Simulator Total Q&A: 70 Questions and Answers

Last Update: 2017-04-27

REG Reliable New Exam Format Detail: REG Latest Test Simulator

 

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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.
The Moores received a $500 security deposit on their rental property in 1994. They are required to
return the amount to the tenant.
A. $10,000
B. $75,000
C. $2,000
D. $1,250
E. $25,000
F. $55,000
G. $500
H. $2,500
I. $0
J. $900
K. $3,000
L. $1,000
M. $50,000
N. $1,500
O. $1,300
Answer: I

REG Simulator   REG Rate   
Explanation
"A" is correct. $0. The security deposit is not taxable income because the Moores are required to
return it
when the tenant leaves. If the deposit is applied to damages in a later tax year, the portion the
Moores
retain would be income to them in the year they retain the deposit, and the money they spend to
repair the
damage would be a deduction to them.

NO.2 Farr made a gift of stock to her child, Pat. At the date of gift, Farr's stock basis was $10,000 and
the
stock's fair market value was $15,000. No gift taxes were paid. What is Pat's basis in the stock for
computing gain?
A. $10,000
B. $0
C. $5,000
D. $15,000
Answer: A

REG Accuracy   
Explanation
Choice "c" is correct. Property acquired as a gift generally retains the rollover cost basis as it had in
the
hands of the donor at the time of the gift. Basis is increased by any gift tax paid that is attributable to
the
net appreciation in the value of the gift. Since there were no gift taxes paid, Pat's basis for computing
a
gain is the rollover cost (basis), $10,000.
Choices "a", "b", and "d" are incorrect, per the explanation above.