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Exam Code: BEC

Exam Name: CPA Business Environment and Concepts

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BEC Reliable Test Questions Pdf Total Q&A: 530 Questions and Answers

Last Update: 2017-04-07

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Exam Code: REG

Exam Name: CPA Regulation

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REG Vce Free Total Q&A: 70 Questions and Answers

Last Update: 2017-04-07

REG Reliable Study Questions Ebook Detail: REG Vce Free

 

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NO.1 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 amount of the loss from the sale of Zinco stock can Conner deduct in 1994?
A. $10,000
B. $5,000
C. $0
D. $3,000
Answer: C

REG Kit   REG Exam   
Explanation
Choice "a" is correct. Even though Conner has a realized loss of $10,000 on this transaction he cannot
deduct the loss since it was incurred in a transaction with his daughter, a related party.
Choice "b" is incorrect. $3,000 is the limit on deductible net capital losses. However, Conner cannot
deduct this loss, since it was incurred in a transaction with his daughter, a related party.
Choice "c" is incorrect. Conner's realized loss on the sale is $10,000 ( $20,000 proceeds less $30,000
basis). However, Conner cannot deduct this loss, since it was incurred in a transaction with his
daughter,
a related party.
Choice "d" is incorrect. $10,000 is Conner's realized loss on the sale. However, Conner cannot deduct
this loss, since it was incurred in a transaction with his daughter, a related party.

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. $5,000
C. $0
D. $15,000
Answer: A

REG Exams   
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.