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Exam Code: BEC

Exam Name: CPA Business Environment and Concepts

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BEC Exam Pass Guide Total Q&A: 530 Questions and Answers

Last Update: 2017-03-31

BEC Latest Exam Guide Materials Detail: BEC Exam Pass Guide

 

Exam Code: REG

Exam Name: CPA Regulation

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REG Test Tutorials Total Q&A: 70 Questions and Answers

Last Update: 2017-03-31

REG Valid Study Guide Ppt Detail: REG Test Tutorials

 

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NO.1 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. $15,000
D. $5,000
Answer: A

REG Cram   
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.

NO.2 For a cash basis taxpayer, gain or loss on a year-end sale of listed stock arises on the:
A. Trade date.
B. Settlement date.
C. Date of receipt of cash proceeds.
D. Date of delivery of stock certificate.
Answer: A

REG Positive   REG Exercise   
Explanation
Choice "a" is correct. Trade date.
Gain or loss on a year-end sale of listed stock arises on the trade date.
Rule: Whether on the cash or accrual method of accounting taxpayers who sell stock or securities on
an
established securities market must recognize gains and losses on the trade date, rather than on the
settlement date.
Choices "b", "c", and "d" are incorrect, per the above rule.